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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION****Washington, D. C.  20549********FORM 10-Q****[X] QUARTERLY REPORT PURSUANT TO SECTION 13OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934****For the quarterly periodended****September 30, 2003**

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

Commission filenumber 1-15759

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

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

Commission file number 1-05663

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

| **Louisiana**(State or other  jurisdiction of incorporation or organization)               | **72-0244480**(I.R.S. Employer  Identification No.) |
|--------------------------------------------------------------------------------------------|-----------------------------------------------------|
| **2030 Donahue Ferry Road, Pineville, Louisiana**(Address of principal  executive offices) | **71360-5226**(Zip Code)                            |
| **Registrant's telephone number, including  area code:  (318) 484-7400**         |

 

| Indicate by  check mark whether the Registrants: (1) have filed all reports required to be  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during  the preceding 12 months (or for such shorter period that the Registrants were  required to file such reports) and (2) have been subject to such filing  requirements for the past 90 days. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Yes  x      No ____                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate by check mark whether Cleco Corporation is an  accelerated filer (as defined in Rule 12b-2 of the Exchange Act)                                                                                                                                                                                                                                           |
| Yes  x      No ____                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate by check mark whether Cleco Power LLC is an  accelerated filer (as defined in Rule 12b-2 of the Exchange Act)                                                                                                                                                                                                                                             |
| Yes ____     No  x                                                                                                                                                                                                                                                                                                                   |

 

| Number of shares outstanding of each of Cleco Corporation's  classes of Common Stock, as of the latest practicable date. |
|--------------------------------------------------------------------------------------------------------------------------|
| Registrant                                                                                                               | Description of Class | Shares Outstanding at October 31, 2003 |
| Cleco Corporation                                                                                                        | Common Stock, $1.00 Par Value | 47,261,027 |

 

**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 andtherefore is filing this Form 10-Q with the reduced disclosure format.**

 

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This Combined Form 10-Q isseparately filed by Cleco Corporation and Cleco PowerLLC.  Information contained herein relating to Cleco Power is filedby Cleco Corporation and separately by Cleco Power on its ownbehalf.  Cleco Power makes no representation as to informationrelating to Cleco Corporation (except as it may relate to Cleco Power) or anyother affiliate or subsidiary of Cleco Corporation.

**TABLE OF CONTENTS**

** **

|             | Page                                                                                                                |
|-------------|---------------------------------------------------------------------------------------------------------------------|
| ** **  | GLOSSARY OF TERMS.                                                                                                  | 2 |
| ** **  | ** **                                                                                                          |  |
| ** **  | DISCLOSURE REGARDING FORWARD-LOOKING  STATEMENTS                                                                    | 4 |
|             |                                                                                                                     |  |
| **PART I**  | FINANCIAL INFORMATION                                                                                               |  |
|             |                                                                                                                     |  |
| **ITEM 1**  | FINANCIAL  STATEMENTS                                                                                               | 6 |
|             | CLECO CORPORATION - Consolidated Financial  Statements                                                              | 7 |
|             | CLECO  CORPORATION - Management's Discussion  and Analysis of       Results of Operations. | 14 |
|             | CLECO  POWER LLC - Financial Statements                                                                             | 30 |
|             | CLECO  POWER LLC - Narrative Analysis of  Results of Operations.                                                    | 36 |
|             | NOTES  TO THE UNAUDITED FINANCIAL STATEMENTS.                                                                       | 37 |
|             |                                                                                                                     |  |
| **ITEM 2**  | MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS                         | 52 |
|             |                                                                                                                     |  |
| **ITEM 3**  | QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT MARKET RISK OF  CLECO CORPORATION                                   | 61 |
|             |                                                                                                                     |  |
| **ITEM 4**  | CONTROLS  AND PROCEDURES.                                                                                           | 64 |
|             |                                                                                                                     |  |
|             |                                                                                                                     |  |
| **PART II** | OTHER INFORMATION                                                                                                   |  |
|             |                                                                                                                     |  |
| **ITEM 1**  | LEGAL PROCEEDINGS****                                                                                               | 65 |
| ** **  | ** **                                                                                                          |  |
| **ITEM 3**  | DEFAULTS UPON SENIOR  SECURITIES                                                                                    | 65 |
| ** **  | ** **                                                                                                          |  |
| **ITEM 6**  | EXHIBITS AND REPORTS ON FORM 8-K                                                                                    | 66 |
|             |                                                                                                                     |  |
|             |                                                                                                                     |  |
| ** **  | SIGNATURES                                                                                                          | 68 |
|             |                                                                                                                     |  |

1

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**GLOSSARY OF TERMS**

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

| **Abbreviation or Acronym**                                      | **Definition**                                                                                                                                                                                                        |
|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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 |
| AFUDC......................................................      | Allowance for Funds Used During Construction                                                                                                                                                                          |
| APB............................................................  | Accounting Principles Board                                                                                                                                                                                           |
| APB No. 18...............................................        | APB Opinion No. 18 - The Equity Method of Accounting for Investments  in      Common Stock                                                                                                        |
| APB No. 25...............................................        | APB Opinion No. 25 - Accounting for Stock Issued to Employees                                                                                                                                                         |
| APH...........................................................   | Acadia Power Holdings  LLC, a wholly owned subsidiary of Midstream                                                                                                                                                    |
| Aquila Energy..........................................          | Aquila Energy Marketing Corporation                                                                                                                                                                                   |
| Calpine.......................................................   | Calpine Corporation                                                                                                                                                                                                   |
| CFTC..........................................................   | Commodity Futures  Trading Commission                                                                                                                                                                                 |
| Cleco..........................................................  | Cleco Corporation and its subsidiaries, including Cleco Power LLC                                                                                                                                                     |
| Cleco Energy............................................         | Cleco Energy LLC, a wholly owned subsidiary of Midstream                                                                                                                                                              |
| Cleco Power..............................................        | Cleco Power LLC, a wholly owned subsidiary of Cleco                                                                                                                                                                   |
| Consent Agreement................................                | Stipulation and Consent Agreement, dated as of July 25, 2003, between Cleco      and the FERC Staff                                                                                               |
| DIG............................................................. | Derivatives Implementation Group                                                                                                                                                                                      |
| Dynegy......................................................     | Dynegy Power Marketing, Inc.                                                                                                                                                                                          |
| EITF...........................................................  | Emerging Issues Task Force of the FASB                                                                                                                                                                                |
| EITF No. 02-3............................................        | Accounting for Contracts Involved in Energy Trading and Risk Management      Activities                                                                                                           |
| EITF No. 98-10..........................................         | Accounting for Contracts Involved in Energy Trading and Risk Management      Activities                                                                                                           |
| ESPP...........................................................  | Employee Stock Purchase Plan                                                                                                                                                                                          |
| Entergy......................................................    | Entergy Corporation                                                                                                                                                                                                   |
| EPA............................................................  | Environmental Protection Agency                                                                                                                                                                                       |
| Evangeline................................................       | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream, and its 775-MW,        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                                                                                        |
| Hudson......................................................     | Hudson SVD LLC                                                                                                                                                                                                        |
| KBC............................................................  | KBC Bank N.V.                                                                                                                                                                                                         |
| kW.............................................................. | Kilowatt                                                                                                                                                                                                              |
| kWh...........................................................   | Kilowatt-hour                                                                                                                                                                                                         |
| LIBOR........................................................    | London Inter-Bank Offer Rate                                                                                                                                                                                          |
| LPSC..........................................................   | Louisiana Public Service Commission                                                                                                                                                                                   |
| LTICP.........................................................   | Long-Term Incentive Compensation Plan                                                                                                                                                                                 |
| LTP Agreement........................................            | Long-term program parts, shop repairs, and scheduled outage services contract      between Evangeline and Siemens Westinghouse Power  Corporation                                                 |
| MACT.......................................................      | Maximum Achievable Control Technology                                                                                                                                                                                 |
| Marketing & Trading..............................            | Cleco Marketing & Trading LLC, a wholly owned subsidiary of  Midstream                                                                                                                                            |
| MAEM......................................................       | Mirant Americas Energy Marketing, LP, a wholly owned subsidiary of Mirant                                                                                                                                             |
| MAI...........................................................   | Mirant Americas, Inc., a wholly owned subsidiary of Mirant                                                                                                                                                            |
| Midstream.................................................       | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco                                                                                                                                                     |

2

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| Mirant........................................................   | Mirant Corporation                                                                                                                                                                                                                                     |
|------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| MMBtu......................................................      | Million British thermal units                                                                                                                                                                                                                          |
| MW............................................................   | Megawatt                                                                                                                                                                                                                                               |
| MWh.........................................................     | Megawatt-hour                                                                                                                                                                                                                                          |
| NOAA.......................................................      | National Oceanic and Atmospheric Administration                                                                                                                                                                                                        |
| 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. |
| Operating  Agreement.............................. .             | Operating Agreement of Cleco Power LLC, dated December 13, 2000, amended      October 24, 2003                                                                                                                                     |
| PEH............................................................  | Perryville Energy Holdings LLC, a wholly owned subsidiary of Midstream                                                                                                                                                                                 |
| Perryville...................................................    | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of  Midstream,      and its 725-MW combined-cycle, natural gas-fired  power plant near      Perryville, Louisiana                                |
| Perryville Tolling Agreement.................                    | Capacity Sale and Tolling Agreement between Perryville and MAEM                                                                                                                                                                                        |
| PUHCA......................................................      | Public Utility Holding  Company Act of 1935                                                                                                                                                                                                            |
| Quanta.......................................................    | Quanta Services, Inc.                                                                                                                                                                                                                                  |
| Registrant(s).............................................       | Cleco and Cleco Power                                                                                                                                                                                                                                  |
| RFP............................................................. | Request for Proposal                                                                                                                                                                                                                                   |
| RTO............................................................  | Regional Transmission Organization                                                                                                                                                                                                                     |
| SEC............................................................. | Securities and Exchange  Commission                                                                                                                                                                                                                    |
| Senior Loan Agreement..........................                  | Construction and Term Loan Agreement, dated as of June 7, 2001, between       Perryville and KBC, as Agent Bank                                                                                                                    |
| SERC..........................................................   | Southeastern Electric Reliability Council                                                                                                                                                                                                              |
| SFAS..........................................................   | Statement of Financial Accounting Standards                                                                                                                                                                                                            |
| SFAS No. 58.............................................         | Capitalization of Interest Cost in Financial Statements That Include      Investments Accounted for by the Equity Method                                                                                                           |
| SFAS No. 71.............................................         | Accounting for the Effects of Certain Types of Regulation                                                                                                                                                                                              |
| SFAS No. 109...........................................          | Accounting for Income Taxes                                                                                                                                                                                                                            |
| SFAS No. 123...........................................          | Accounting for Stock-Based Compensation                                                                                                                                                                                                                |
| SFAS No. 131...........................................          | Disclosures about Segments of an Enterprise and Related Information                                                                                                                                                                                    |
| SFAS No. 133...........................................          | Accounting for Derivative Instruments and Hedging Activities                                                                                                                                                                                           |
| SFAS No. 143...........................................          | Accounting for Asset Retirement Obligations                                                                                                                                                                                                            |
| SFAS No. 144...........................................          | Accounting for the Impairment or Disposal of Long-Lived Assets                                                                                                                                                                                         |
| SFAS No. 149...........................................          | Amendment of Statement 133 on Derivative Instruments and Hedging  Activities                                                                                                                                                                           |
| SFAS No. 150...........................................          | Accounting for Certain Financial Instruments with Characteristics of  both       Liabilities and Equity                                                                                                                            |
| SMD...........................................................   | Standard market design                                                                                                                                                                                                                                 |
| Subordinated Loan  Agreement.............                        | Subordinated Loan  Agreement, dated as of August 23, 2002, between      Perryville and MAI                                                                                                                                         |
| SWEPCO...................................................        | Southwestern Electric Power Company                                                                                                                                                                                                                    |
| TCEQ.........................................................    | Texas Commission on Environmental  Quality                                                                                                                                                                                                             |
| Termination Agreement..........................                  | Termination Agreement, dated as of May 2, 2003, between  Perryville, PEH, Cleco,      MAEM, MAI, and Mirant                                                                                                                        |
| UtiliTech....................................................    | Utility Construction & Technology Solutions LLC                                                                                                                                                                                                    |
| UTS............................................................  | UTS, LLC (successor entity to UtiliTech)                                                                                                                                                                                                               |
| VAR...........................................................   | Value-at-risk                                                                                                                                                                                                                                          |
| Westar.......................................................    | Westar Energy, Inc., a Kansas Corporation                                                                                                                                                                                                              |
| Williams.....................................................    | Williams Power Company, Inc.                                                                                                                                                                                                                           |

3

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**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

          This reportincludes "forward-looking statements" within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended.  All statements other than statements ofhistorical fact included in this report are forward-lookingstatements.  Although the Registrants believe that the expectationsreflected in such forward-looking statements are reasonable, suchforward-looking statements are based on numerous assumptions (some of which mayprove to be incorrect) and are subject to risks and uncertainties that couldcause the actual results to differ materially from the Registrants'expectations.  In addition to any assumptions and other factorsreferred to specifically in connection with these forward-looking statements, thefollowing list identifies some of the factors that could cause the Registrants'actual results to differ materially from those contemplated in any of theRegistrants' forward-looking statements:

| -   | Factors affecting utility operations such as unusual weather  conditions or other natural phenomena; catastrophic weather-related damage;  unscheduled generation outages; unusual maintenance or repairs; unanticipated  changes to fuel costs, reliance on natural gas as a component of Cleco's  generation fuel mix, gas supply costs or availability constraints due to  higher demand, shortages, transportation problems or other developments;  environmental incidents; or power transmission or gas pipeline system  constraints; |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| -   | Impact of the bankruptcy of Mirant on the possible sale or  restructuring of Perryville and on Perryville's debts and the impact of MAEM's  rejection of the Perryville Tolling Agreement on Perryville's debts;                                                                                                                                                                                                                                                                                                                            |
| -   | Nonperformance by and creditworthiness of counterparties  under tolling and power purchase agreements, and energy service arrangements,  or the restructuring of those agreements and arrangements, including possible  termination;                                                                                                                                                                                                                                                                                                        |
| -   | Increased competition in the power environment, 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 or procedures, 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 formation of RTOs  and the implementation of SMD;                                                                                                                                                                                                                      |
| -   | 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 rate and warranty risks;                                                                                                                                                                                                                                                  |
| -   | Acts of terrorism;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| -   | Availability or cost of capital resulting from changes in Cleco or Cleco Power, interest rates, and  securities ratings or market perceptions of the electric utility industry and  energy related industries;                                                                                                                                                                                                                                                                                                                              |
| -   | Employee work force factors, including changes in key  executives and work stoppages;                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| -   | Legal and regulatory delays and other obstacles associated  with mergers, acquisitions, capital projects, reorganizations, or investments  in joint ventures;                                                                                                                                                                                                                                                                                                                                                                               |

4

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| -   | Costs and other effects of legal and administrative  proceedings, settlements, investigations, claims and other matters; and                                     |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| -   | Changes in federal, state, or local legislative  requirements, such as changes in tax laws or rates, regulating policies or  environmental laws and regulations. |

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

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

5

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**CLECO CORPORATION****PART I - FINANCIAL INFORMATION**

**ITEM 1          FINANCIALSTATEMENTS**

****          Theconsolidated financial statements of Cleco have been prepared pursuant to therules and regulations of the SEC.  Certain information and notedisclosures normally included in financial statements prepared in accordancewith accounting principles generally accepted in the United States of Americahave been condensed or omitted pursuant to such rules and regulations, althoughCleco believes that the disclosures are adequate to make the informationpresented not misleading.  These consolidated financial statementsshould be read in conjunction with Cleco's Consolidated Financial Statementsand the Notes included in the Registrants' Combined Annual Report on Form 10-Kfor the year ended December 31, 2002.

          The unauditedfinancial information included in the following financial statements reflectsall adjustments of a normal recurring nature which are, in the opinion ofmanagement of Cleco, necessary for a fair presentation of the financialposition and the results of operations for the interimperiods.  Information for interim periods is affected by seasonalvariations in sales, rate changes, timing of fuel expense recovery and otherfactors, and is not necessarily indicative of the results that may be expectedfor the full fiscal year.

6

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**CLECO CORPORATIONCONSOLIDATED STATEMENTS OF INCOMEFor the three months ended September 30,(UNAUDITED)**

|                                                                                          |                                                                                                       |                                                                                            |                                                                                       | **2003**                                                                   | ** **    | 2002    |
|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------|---------------|---------|
|                                                                                          |                                                                                                       |                                                                                            |                                                                                       | (Thousands, except  share and                                              |
|                                                                                          |                                                                                                       |                                                                                            |                                                                                       | per share amounts)                                                         |
| **Operating revenue**                                                                    | ** **                                                                                            |                                                                                            |                                                                                       |
|                                                                                          | Electric operations                                                                                   | **$            208,947 ** |                                                                                       | $          172,680  |
|                                                                                          | Tolling operations                                                                                    | **36,332 **                                                                           |                                                                                       | 40,772                                                                |
|                                                                                          | Energy trading, net                                                                                   | **(198)**                                                                                  |                                                                                       | (2,789)                                                                    |
|                                                                                          | Energy operations                                                                                     | **15,594 **                                                                           |                                                                                       | 5,163                                                                 |
|                                                                                          | Other operations                                                                                      | **8,104 **                                                                            |                                                                                       | 7,865                                                                 |
|                                                                                          |                                                                                                       | Gross operating revenue                                                                    | **268,779 **                                                                     |                                                                            | 223,691  |
|                                                                                          |                                                                                                       |                                                                                            | Electric customer  credits                                                            | **7,849 **                                                            |               | -  |
|                                                                                          |                                                                                                       | Total operating revenue                                                                    | **276,628 **                                                                     |                                                                            | 223,691  |
| **Operating expenses**                                                                   | ** **                                                                                            |                                                                                            |                                                                                       |
|                                                                                          | Fuel used for electric  generation                                                                    | **51,616 **                                                                           |                                                                                       | 49,237                                                                |
|                                                                                          | Power purchased for  utility customers                                                                | **82,007 **                                                                           |                                                                                       | 45,091                                                                |
|                                                                                          | Purchases for energy  operations                                                                      | **14,330 **                                                                           |                                                                                       | 4,150                                                                 |
|                                                                                          | Other operations                                                                                      | **30,824 **                                                                           |                                                                                       | 22,528                                                                |
|                                                                                          | Maintenance                                                                                           | **21,992 **                                                                           |                                                                                       | 8,339                                                                 |
|                                                                                          | Depreciation                                                                                          | **17,602 **                                                                           |                                                                                       | 17,757                                                                |
|                                                                                          | Taxes other than income  taxes                                                                        | **10,073 **                                                                           |                                                                                       | 10,199                                                                |
|                                                                                          |                                                                                                       | Total operating  expenses                                                                  | **228,444 **                                                                     |                                                                            | 157,301  |
| **Operating income**                                                                     | **48,184 **                                                                                      |                                                                                            | 66,390                                                                           |
| Interest income                                                                          | **504 **                                                                                         |                                                                                            | 587                                                                              |
| Allowance for other  funds used during construction                                      | **486 **                                                                                         |                                                                                            | 446                                                                              |
| Equity income from  investees                                                            | **8,318 **                                                                                       |                                                                                            | 6,780                                                                            |
| Other expense, net                                                                       | **(850)**                                                                                             |                                                                                            | (773)                                                                                 |
| Income before interest  charges                                                          | **56,642 **                                                                                      |                                                                                            | 73,430                                                                           |
| **Interest charges**                                                                     | ** **                                                                                            |                                                                                            |                                                                                       |
|                                                                                          | Interest charges, including  amortization of debt expenses,                                           | ** **                                                                                 |                                                                                       |                                                                            |
|                                                                                          |                                                                                                       | premium and discount,  net of capitalized interest                                         | **17,962 **                                                                      |                                                                            | 16,749   |
|                                                                                          | Allowance for borrowed  funds used during construction                                                | **(266)**                                                                                  |                                                                                       | (248)                                                                      |
|                                                                                          |                                                                                                       | Total interest charges                                                                     | **17,696 **                                                                      |                                                                            | 16,501   |
|                                                                                          |                                                                                                       |                                                                                            |                                                                                       | ** **                                                                 |               |         |
| **Net income before  income taxes and preferred dividends**                              | **38,946 **                                                                                      |                                                                                            | 56,929                                                                           |
| ** **                                                                               | ** **                                                                                            |                                                                                            |                                                                                       | ** **                                                                 |               |         |
| Federal and state  income taxes                                                          | **15,143 **                                                                                      |                                                                                            | 20,069                                                                           |
|                                                                                          |                                                                                                       |                                                                                            |                                                                                       | ** **                                                                 |               |         |
| **Net income before  preferred dividends**                                               | **23,803 **                                                                                      |                                                                                            | 36,860                                                                           |
| Preferred dividends  requirements, net                                                   | **461 **                                                                                         |                                                                                            | 468                                                                              |
| **Net income  applicable to common stock**                                               | **$              23,342 ** |                                                                                            | $            36,392  |
| ** **                                                                               |                                                                                                       |                                                                                            |                                                                                       | ** **                                                                 |               |         |
| *The accompanying notes are an integral part of the  consolidated financial statements.* |
|                                                                                          |                                                                                                       |                                                                                            |                                                                                       | ** **                                                                 |               |         |

7

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**CLECO CORPORATIONCONSOLIDATED STATEMENTS OF INCOME (Continued)For the three months ended September 30,(UNAUDITED)**

| ** **                                                                               |                                                                                    |                                                                                               |                                                                          | **2003**                                                                            | ** **       | 2002 |
|------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-------------------------------------------------------------------------------------|------------------|------|
| ** **                                                                               |                                                                                    |                                                                                               |                                                                          | (Thousands, except  share and                                                       |
| ** **                                                                               |                                                                                    |                                                                                               |                                                                          | per share amounts)                                                                  |
| ** **                                                                               |                                                                                    |                                                                                               |                                                                          |                                                                                     |                  |      |
| **Average shares of  common stock outstanding**                                          |                                                                                    |                                                                                               |                                                                          |
|                                                                                          | Basic                                                                              |                                                                                               | **47,239,652 **                                                     |                                                                                     | 47,033,832  |
|                                                                                          | Diluted                                                                            | **49,579,857 **                                                                          |                                                                          | 49,498,965                                                                     |
|                                                                                          |                                                                                    |                                                                                               |                                                                          | ** **                                                                          |                  |      |
| **Basic earnings per  share**                                                            | ** **                                                                         |                                                                                               |                                                                          |
|                                                                                          | Net income applicable  to common stock                                             | **$           0.49   ** |                                                                          | $          0.77    |
|                                                                                          |                                                                                    |                                                                                               |                                                                          | ** **                                                                          |                  |      |
| **Diluted earnings per  share**                                                          | ** **                                                                         |                                                                                               |                                                                          |
|                                                                                          | Net income applicable  to common stock                                             | **$           0.48   ** |                                                                          | $          0.74    |
|                                                                                          |                                                                                    |                                                                                               |                                                                          | ** **                                                                          |                  |      |
| **Cash dividends paid  per share of common stock**                                       | **$           0.225 ** |                                                                                               | $          0.225  |
| ** **                                                                               |                                                                                    |                                                                                               |                                                                          | ** **                                                                          |                  |      |
| *The accompanying notes are an integral part of the  consolidated financial statements.* |
|                                                                                          |                                                                                    |                                                                                               |                                                                          | ** **                                                                          |                  |      |

 

 

**CLECO CORPORATIONCONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOMEFor the three months ended September 30,(UNAUDITED)**

|                                                                                          |                                                                                     | **2003**     | ** **                                                          | 2002       |
|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------------|---------------------------------------------------------------------|------------|
|                                                                                          |                                                                                     | (Thousands)  |
| Net income applicable  to common stock                                                   | **$           23,342 ** |              | $         36,392  |
| Other comprehensive  income (expense), net of tax:                                       | ** **                                                                          |              |                                                                     |
|                                                                                          | Net unrealized gain  from limited partnership                                       | **12 ** |                                                                     | 8     |
|                                                                                          | Net unrealized gain  (loss) from available-for-sale securities                      | **76 ** |                                                                     | (155)      |
| Net comprehensive  income (expense)                                                      | **88 **                                                                        |              | (147)                                                               |
|                                                                                          |                                                                                     | ** **   |                                                                     | ** ** |
| **Comprehensive income**                                                                 | **$           23,430 ** |              | $         36,245  |
|                                                                                          |                                                                                     | ** **   |                                                                     |            |
| *The accompanying  notes are an integral part of the consolidated financial statements.* |
|                                                                                          |                                                                                     |              |                                                                     |            |

8

----

**CLECO CORPORATIONCONSOLIDATED STATEMENTS OF INCOMEFor the nine months ended September 30,(UNAUDITED)**

** **

|                                                                                          |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | **2003**                                                                                                                         | ** **    | 2002    |
|------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|---------------|---------|
|                                                                                          |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | (Thousands, except  share and                                                                                                    |
|                                                                                          |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | per share amounts)                                                                                                               |
| **Operating revenue**                                                                    | ** **                                                                                                                            |                                                                                                                                                  |                                                                                                                                             |
|                                                                                          | Electric operations                                                                                                                   | **$                     519,080 ** |                                                                                                                                             | $                   435,965  |
|                                                                                          | Tolling operations                                                                                                                    | **88,140 **                                                                                                                                 |                                                                                                                                             | 66,266                                                                                                                      |
|                                                                                          | Energy trading, net                                                                                                                   | **(470)**                                                                                                                                        |                                                                                                                                             | 1,011                                                                                                                       |
|                                                                                          | Energy operations                                                                                                                     | **53,608 **                                                                                                                                 |                                                                                                                                             | 20,776                                                                                                                      |
|                                                                                          | Other operations                                                                                                                      | **23,317 **                                                                                                                                 |                                                                                                                                             | 25,067                                                                                                                      |
|                                                                                          |                                                                                                                                       | Gross operating revenue                                                                                                                          | **683,675 **                                                                                                                           |                                                                                                                                  | 549,085  |
|                                                                                          |                                                                                                                                       |                                                                                                                                                  | Electric customer  credits                                                                                                                  | **(1,562)**                                                                                                                      |               | (1,575) |
|                                                                                          |                                                                                                                                       | Total operating revenue                                                                                                                          | **682,113 **                                                                                                                           |                                                                                                                                  | 547,510  |
| **Operating expenses**                                                                   | ** **                                                                                                                            |                                                                                                                                                  |                                                                                                                                             |
|                                                                                          | Fuel used for electric  generation                                                                                                    | **121,111 **                                                                                                                                |                                                                                                                                             | 105,802                                                                                                                     |
|                                                                                          | Power purchased for  utility customers                                                                                                | **182,433 **                                                                                                                                |                                                                                                                                             | 114,932                                                                                                                     |
|                                                                                          | Purchases for energy  operations                                                                                                      | **50,223 **                                                                                                                                 |                                                                                                                                             | 17,374                                                                                                                      |
|                                                                                          | Other operations                                                                                                                      | **74,208 **                                                                                                                                 |                                                                                                                                             | 65,691                                                                                                                      |
|                                                                                          | Maintenance                                                                                                                           | **42,227 **                                                                                                                                 |                                                                                                                                             | 27,103                                                                                                                      |
|                                                                                          | Depreciation                                                                                                                          | **59,879 **                                                                                                                                 |                                                                                                                                             | 48,401                                                                                                                      |
|                                                                                          | Impairment of  long-lived assets                                                                                                      | **134,772 **                                                                                                                                |                                                                                                                                             | -                                                                                                                           |
|                                                                                          | Taxes other than income  taxes                                                                                                        | **29,775 **                                                                                                                                 |                                                                                                                                             | 30,018                                                                                                                      |
|                                                                                          |                                                                                                                                       | Total operating  expenses                                                                                                                        | **694,628 **                                                                                                                           |                                                                                                                                  | 409,321  |
| **Operating income  (loss)**                                                             | **(12,515)**                                                                                                                          |                                                                                                                                                  | 138,189                                                                                                                                |
| Interest income                                                                          | **1,903 **                                                                                                                       |                                                                                                                                                  | 1,114                                                                                                                                  |
| Allowance for other  funds used during construction                                      | **2,113 **                                                                                                                       |                                                                                                                                                  | 1,368                                                                                                                                  |
| Equity income from  investees                                                            | **23,902 **                                                                                                                      |                                                                                                                                                  | 8,140                                                                                                                                  |
| Other expense, net                                                                       | **(3,995)**                                                                                                                           |                                                                                                                                                  | (1,300)                                                                                                                                     |
| Income before interest  charges                                                          | **11,408 **                                                                                                                      |                                                                                                                                                  | 147,511                                                                                                                                |
| **Interest charges**                                                                     | ** **                                                                                                                            |                                                                                                                                                  |                                                                                                                                             |
|                                                                                          | Interest charges,  including amortization of debt expenses,                                                                           | ** **                                                                                                                                       |                                                                                                                                             |                                                                                                                                  |
|                                                                                          |                                                                                                                                       | premium and discount,  net of capitalized interest                                                                                               | **54,158 **                                                                                                                            |                                                                                                                                  | 41,798   |
|                                                                                          | Allowance for borrowed  funds used during construction                                                                                | **(623)**                                                                                                                                        |                                                                                                                                             | (717)                                                                                                                            |
|                                                                                          |                                                                                                                                       | Total interest charges                                                                                                                           | **53,535 **                                                                                                                            |                                                                                                                                  | 41,081   |
|                                                                                          |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | ** **                                                                                                                       |               |         |
| **Net income (loss)  before income taxes and preferred dividends**                       | **(42,127)**                                                                                                                          |                                                                                                                                                  | 106,430                                                                                                                                |
| ** **                                                                               | ** **                                                                                                                            |                                                                                                                                                  |                                                                                                                                             | ** **                                                                                                                       |               |         |
| Federal and state  income taxes (benefit) expense                                        | **(17,342)**                                                                                                                          |                                                                                                                                                  | 37,735                                                                                                                                 |
|                                                                                          |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | ** **                                                                                                                       |               |         |
| **Net income (loss)  before preferred dividends**                                        | **(24,785)**                                                                                                                          |                                                                                                                                                  | 68,695                                                                                                                                 |
| Preferred dividends  requirements, net                                                   | **1,395 **                                                                                                                       |                                                                                                                                                  | 1,405                                                                                                                                  |
| **Net income (loss)  applicable to common stock**                                        | **$                    (26,180)** |                                                                                                                                                  | $                     67,290  |
| ** **                                                                               |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | ** **                                                                                                                       |               |         |
| *The accompanying notes are an integral part of the  consolidated financial statements.* |
|                                                                                          |                                                                                                                                       |                                                                                                                                                  |                                                                                                                                             | ** **                                                                                                                       |               |         |

9

----

**CLECO CORPORATIONCONSOLIDATED STATEMENTS OF INCOME (Continued)For the nine months ended September 30,(UNAUDITED)**

| ** **                                                                               |                                                                                          |                                                                                     |                                                                          | **2003**                                                                            | ** **       | 2002 |
|------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-------------------------------------------------------------------------------------|------------------|------|
| ** **                                                                               |                                                                                          |                                                                                     |                                                                          | (Thousands, except  share and                                                       |
| ** **                                                                               |                                                                                          |                                                                                     |                                                                          | per share amounts)                                                                  |
| **Average shares of  common stock outstanding**                                          |                                                                                          |                                                                                     |                                                                          |
|                                                                                          | Basic                                                                                    |                                                                                     | **47,169,527 **                                                     |                                                                                     | 46,008,615  |
|                                                                                          | Diluted                                                                                  | **47,169,527 **                                                                |                                                                          | 48,567,264                                                                     |
|                                                                                          |                                                                                          |                                                                                     |                                                                          | ** **                                                                          |                  |      |
| **Basic earnings per  share**                                                            | ** **                                                                               |                                                                                     |                                                                          |
|                                                                                          | Net income (loss)  applicable to common stock                                            | **$           (0.56) ** |                                                                          | $          1.46    |
|                                                                                          |                                                                                          |                                                                                     |                                                                          | ** **                                                                          |                  |      |
| **Diluted earnings per  share**                                                          | ** **                                                                               |                                                                                     |                                                                          |
|                                                                                          | Net income (loss)  applicable to common stock                                            | **$           (0.56) ** |                                                                          | $          1.41    |
|                                                                                          |                                                                                          |                                                                                     |                                                                          | ** **                                                                          |                  |      |
| **Cash dividends paid  per share of common stock**                                       | **$            0.675 ** |                                                                                     | $          0.670  |
| ** **                                                                               |                                                                                          |                                                                                     |                                                                          | ** **                                                                          |                  |      |
| *The accompanying notes are an integral part of the  consolidated financial statements.* |
|                                                                                          |                                                                                          |                                                                                     |                                                                          | ** **                                                                          |                  |      |
|                                                                                          |                                                                                          |                                                                                     |                                                                          |                                                                                     |                  |      |  |  |

 

 

**CLECO CORPORATIONCONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOMEFor the nine months ended September 30,(UNAUDITED)**

|                                                                                          |                                                                     | **2003**     | ** **                                                                | 2002       |
|------------------------------------------------------------------------------------------|---------------------------------------------------------------------|--------------|---------------------------------------------------------------------------|------------|
|                                                                                          |                                                                     | (Thousands)  |
| Net income (loss)  applicable to common stock                                            | **$         (26,180)** |              | $          67,290  |
| Other comprehensive  income (expense), net of tax:                                       | ** **                                                          |              |                                                                           |
|                                                                                          | Net unrealized loss  from limited partnership                       | **(55)**     |                                                                           | (205)      |
|                                                                                          | Net unrealized gain  from available-for-sale securities             | **69 ** |                                                                           | 25    |
| Net comprehensive  income (expense)                                                      | **14 **                                                        |              | (180)                                                                     |
|                                                                                          |                                                                     | ** **   |                                                                           | ** ** |
| **Comprehensive income  (loss)**                                                         | **$         (26,166)** |              | $          67,110  |
|                                                                                          |                                                                     | ** **   |                                                                           |            |
| *The accompanying  notes are an integral part of the consolidated financial statements.* |
|                                                                                          |                                                                     |              |                                                                           |            |

10

----

**CLECO CORPORATIONCONSOLIDATED BALANCE SHEETS(UNAUDITED)**

** **

|                                                                                          |                                                                      |                                                            |                                                                                                 |                     | **At**                                                                           |                 | At           |
|------------------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------------------|-------------------------------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------|-----------------|--------------|
|                                                                                          |                                                                      |                                                            |                                                                                                 |                     | **September 30,**                                                                |                 | December 31, |
|                                                                                          |                                                                      |                                                            |                                                                                                 |                     | **2003**                                                                         |                 | 2002         |
|                                                                                          |                                                                      |                                                            |                                                                                                 |                     | (Thousands)                                                                      |
| **Assets**                                                                               |                                                                      |                                                            | ** **                                                                                      |                     |                                                                                  |
|                                                                                          | Current assets                                                       | ** **                                                 |                                                                                                 |                     |
|                                                                                          |                                                                      | Cash and cash  equivalents                                 | **$             67,071 ** |                     | $           114,331  |
|                                                                                          |                                                                      | Restricted cash,  current portion                          | **7,215 **                                                                                 |                     | 7,762                                                                       |
|                                                                                          |                                                                      | Customer accounts  receivable (less allowance for doubtful | ** **                                                                                      |                     |                                                                                  |
|                                                                                          |                                                                      |                                                            | accounts of $14,695 in  2003 and $1,071 in 2002)                                                | **48,495 **    |                                                                                  | 32,599     |
|                                                                                          |                                                                      | Other accounts  receivable, net                            | **35,105 **                                                                                |                     | 45,264                                                                      |
|                                                                                          |                                                                      | Taxes receivable                                           | **- **                                                                                     |                     | 23,607                                                                      |
|                                                                                          |                                                                      | Unbilled revenue                                           | **22,420 **                                                                                |                     | 20,171                                                                      |
|                                                                                          |                                                                      | Fuel inventory, at  average cost                           | **16,248 **                                                                                |                     | 13,309                                                                      |
|                                                                                          |                                                                      | Material and supplies  inventory, at average cost          | **17,672 **                                                                                |                     | 14,416                                                                      |
|                                                                                          |                                                                      | Margin deposits                                            | **3,190 **                                                                                 |                     | 318                                                                         |
|                                                                                          |                                                                      | Risk management assets                                     | **857 **                                                                                   |                     | 285                                                                         |
|                                                                                          |                                                                      | Accumulated deferred  fuel                                 | **2,816 **                                                                                 |                     | -                                                                           |
|                                                                                          |                                                                      | Accumulated deferred  federal and state income taxes, net  | **4,755 **                                                                                 |                     | 3,829                                                                       |
|                                                                                          |                                                                      | Other current assets                                       | **12,602 **                                                                                |                     | 8,940                                                                       |
|                                                                                          |                                                                      |                                                            | Total current assets                                                                            | **238,446 **   |                                                                                  | 284,831    |
|                                                                                          | Property, plant and  equipment                                       | ** **                                                 |                                                                                                 |                     |
|                                                                                          |                                                                      | Property, plant and  equipment                             | **2,110,023 **                                                                             |                     | 2,200,103                                                                   |
|                                                                                          |                                                                      | Accumulated  depreciation                                  | **(763,940)**                                                                                   |                     | (714,178)                                                                        |
|                                                                                          |                                                                      | Net property, plant and  equipment                         | **1,346,083 **                                                                             |                     | 1,485,925                                                                   |
|                                                                                          |                                                                      | Construction  work-in-progress                             | **80,816 **                                                                                |                     | 80,230                                                                      |
|                                                                                          |                                                                      |                                                            | Total property, plant  and equipment, net                                                       | **1,426,899 ** |                                                                                  | 1,566,155  |
|                                                                                          |                                                                      |                                                            |                                                                                                 |                     | ** **                                                                       |                 |              |
|                                                                                          | Equity investment in  investees                                      | **269,387 **                                          |                                                                                                 | 273,688        |
|                                                                                          | Prepayments                                                          | **24,230 **                                           |                                                                                                 | 32,865         |
|                                                                                          | Restricted cash, less  current portion                               | **35,842 **                                           |                                                                                                 | 45,907         |
|                                                                                          | Regulatory assets and  liabilities - deferred taxes, net             | **91,340 **                                           |                                                                                                 | 65,268         |
|                                                                                          | Long-term receivable                                                 | **12,519 **                                           |                                                                                                 | 10,370         |
|                                                                                          | Other deferred charges                                               | **70,403 **                                           |                                                                                                 | 65,472         |
| **Total assets**                                                                         | **$        2,169,066 ** |                                                            | $        2,344,556                                 |
|                                                                                          |                                                                      |                                                            |                                                                                                 |                     | ** **                                                                       |                 |              |
| *The accompanying  notes are an integral part of the consolidated financial statements.* |
| * *                                                                                 | * *                                                             | * *                                                   | * *                                                                                        | * *            | *** ***                                                                     |                 |              |
| *(Continued on next  page)*                                                              | *** ***                                                         |                                                            |                                                                                                 |
| * *                                                                                 | * *                                                             | * *                                                   | * *                                                                                        | * *            | *** ***                                                                     |                 |              |

11

----

**CLECO CORPORATIONCONSOLIDATED BALANCE SHEETS (Continued)(UNAUDITED)**

|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | **At**            |                                                                      | At            |
|------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|--------------------------------------------------------------------------------------------|-------------------|----------------------------------------------------------------------|---------------|
|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | **September 30,** |                                                                      | December 31,  |
|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | **2003**          |                                                                      | 2002          |
|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | (Thousands)       |
| **Liabilities and  shareholders' equity**                                                | ** **                                                                 |                                                                |                                                                |
| ** **                                                                               | **Liabilities**                                                            | ** **                                                     |                                                                |                                                                                            |
|                                                                                          |                                                                            | Current liabilities                                            | ** **                                                     |                                                                                            |                   |
|                                                                                          |                                                                            |                                                                | Short-term debt                                                | **$            207,117 ** |                   | $         315,300  |
|                                                                                          |                                                                            |                                                                | Long-term debt due  within one year                            | **8,503 **                                                                            |                   | 45,401                                                          |
|                                                                                          |                                                                            |                                                                | Accounts payable                                               | **69,963 **                                                                           |                   | 104,046                                                         |
|                                                                                          |                                                                            |                                                                | Retainage                                                      | **6,394 **                                                                            |                   | 6,278                                                           |
|                                                                                          |                                                                            |                                                                | Accrued payroll                                                | **3,213 **                                                                            |                   | 2,180                                                           |
|                                                                                          |                                                                            |                                                                | Customer deposits                                              | **21,401 **                                                                           |                   | 21,087                                                          |
|                                                                                          |                                                                            |                                                                | Taxes accrued                                                  | **40,634 **                                                                           |                   | -                                                               |
|                                                                                          |                                                                            |                                                                | Interest accrued                                               | **11,063 **                                                                           |                   | 15,546                                                          |
|                                                                                          |                                                                            |                                                                | Accumulated deferred  fuel                                     | **- **                                                                                |                   | 3,509                                                           |
|                                                                                          |                                                                            |                                                                | Risk management  liabilities                                   | **- **                                                                                |                   | 2,310                                                           |
|                                                                                          |                                                                            |                                                                | Other current  liabilities                                     | **3,432 **                                                                            |                   | 3,032                                                           |
|                                                                                          |                                                                            |                                                                |                                                                | Total current  liabilities                                                                 | **371,720 ** |                                                                      | 518,689  |
|                                                                                          |                                                                            | Deferred credits                                               | ** **                                                     |                                                                                            |                   |
|                                                                                          |                                                                            |                                                                | Accumulated deferred  federal and state income taxes, net      | **292,562 **                                                                          |                   | 299,019                                                         |
|                                                                                          |                                                                            |                                                                | Accumulated deferred  investment tax credits                   | **19,448 **                                                                           |                   | 20,744                                                          |
|                                                                                          |                                                                            |                                                                | Other deferred credits                                         | **56,787 **                                                                           |                   | 57,443                                                          |
|                                                                                          |                                                                            |                                                                |                                                                | Total deferred credits                                                                     | **368,797 ** |                                                                      | 377,206  |
|                                                                                          |                                                                            | Long-term debt, net                                            | **903,458 **                                              |                                                                                            | 868,683      |
|                                                                                          |                                                                            |                                                                | Total liabilities                                              | **1,643,975 **                                                                        |                   | 1,764,578                                                       |
|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | ** **        |                                                                      |               |
| **Shareholders' equity**                                                                 | ** **                                                                 |                                                                |                                                                |
|                                                                                          | Preferred stock                                                            | ** **                                                     |                                                                |                                                                                            |
|                                                                                          |                                                                            | Not subject to  mandatory redemption                           | **25,354 **                                               |                                                                                            | 26,578       |
|                                                                                          |                                                                            | Deferred compensation  related to preferred stock held by ESOP | **(6,827)**                                                    |                                                                                            | (9,070)           |
|                                                                                          |                                                                            |                                                                | Total preferred stock  not subject to mandatory redemption     | **18,527 **                                                                           |                   | 17,508                                                          |
|                                                                                          | Common shareholders'  equity                                               | ** **                                                     |                                                                |                                                                                            |
|                                                                                          |                                                                            | Common stock, $1 par  value, authorized 100,000,000 shares,    | ** **                                                     |                                                                                            |                   |
|                                                                                          |                                                                            |                                                                | issued 47,271,848 and  47,065,152 shares at September 30, 2003 | ** **                                                                                 |                   |                                                                      |
|                                                                                          |                                                                            |                                                                | and December 31, 2002, respectively                            | **47,272 **                                                                           |                   | 47,065                                                          |
|                                                                                          |                                                                            | Premium on capital  stock                                      | **154,819 **                                              |                                                                                            | 152,745      |
|                                                                                          |                                                                            | Retained earnings                                              | **307,772 **                                              |                                                                                            | 366,073      |
|                                                                                          |                                                                            | Treasury stock, at  cost, 30,151 and 29,959 shares             | ** **                                                     |                                                                                            |                   |
|                                                                                          |                                                                            |                                                                | at September 30, 2003 and    December 31, 2002, respectively   | **(480)**                                                                                  |                   | (579)                                                                |
|                                                                                          |                                                                            | Accumulated other  comprehensive loss                          | **(2,819)**                                                    |                                                                                            | (2,834)           |
|                                                                                          |                                                                            |                                                                | Total common  shareholders' equity                             | **506,564 **                                                                          |                   | 562,470                                                         |
|                                                                                          |                                                                            |                                                                |                                                                | Total shareholders'  equity                                                                | **525,091 ** |                                                                      | 579,978  |
| **Total liabilities  and shareholders' equity**                                          | **$         2,169,066 ** |                                                                | $      2,344,556            |
|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | ** **        |                                                                      |               |
| *The accompanying  notes are an integral part of the consolidated financial statements.* |                                                                            |
|                                                                                          |                                                                            |                                                                |                                                                |                                                                                            | ** **        |                                                                      |               |

12

----

**CLECO CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWSFor the nine months ended September 30,(UNAUDITED)**

|                                                                                          |                                                                         |                                                                                                    |                                                               |                                                                          |                  |              | **2003**     | ** ** | 2002 |
|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------|--------------------------------------------------------------------------|------------------|--------------|--------------|------------|------|
|                                                                                          |                                                                         |                                                                                                    |                                                               |                                                                          |                  |              | (Thousands)  |
| **Operating activities**                                                                 | ** **                                                              |                                                                                                    |                                                               |
|                                                                                          | Net income (loss) before  preferred dividends                           | **$        (24,785)**                                      |                                                               | $        68,695             |
|                                                                                          | Adjustments to reconcile net income (loss) to net cash provided         | ** **                                                                                         |                                                               |                                                                          |
|                                                                                          |                                                                         | by operating activities:                                                                           | ** **                                                    |                                                                          |                  |
|                                                                                          |                                                                         |                                                                                                    | Depreciation and  amortization                                | **62,520 **                                                         |                  | 49,750  |
|                                                                                          |                                                                         |                                                                                                    | Provision for doubtful  accounts                              | **14,850 **                                                         |                  | 688     |
|                                                                                          |                                                                         |                                                                                                    | Income from equity  investments                               | **(23,902)**                                                             |                  | (8,140)      |
|                                                                                          |                                                                         |                                                                                                    | Return on equity investment  in investee                      | **23,938 **                                                         |                  | -       |
|                                                                                          |                                                                         |                                                                                                    | Allowance for other funds  used during construction           | **(2,113)**                                                              |                  | (1,368)      |
|                                                                                          |                                                                         |                                                                                                    | Impairment of long-lived  assets                              | **134,772 **                                                        |                  | -       |
|                                                                                          |                                                                         |                                                                                                    | Amortization of investment  tax credits                       | **(1,296)**                                                              |                  | (1,307)      |
|                                                                                          |                                                                         |                                                                                                    | Deferred income taxes                                         | **(38,412)**                                                             |                  | 39,109  |
|                                                                                          |                                                                         |                                                                                                    | Deferred fuel costs                                           | **(7,185)**                                                              |                  | 5,167   |
|                                                                                          |                                                                         |                                                                                                    | Changes in assets and  liabilities:                           | ** **                                                               |                  |              |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Accounts receivable                                                      | **(13,988)**     |              | (45,434)     |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Unbilled revenue                                                         | **(2,249)**      |              | (2,033)      |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Fuel, materials and supplies  inventory                                  | **(6,194)**      |              | 1,748   |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Prepayments                                                              | **1,716 **  |              | (8,491)      |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Accounts payable                                                         | **(34,082)**     |              | 2,734   |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Customer deposits                                                        | **313 **    |              | 357     |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Long-term receivable                                                     | **(2,149)**      |              | (2,194)      |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Other deferred accounts                                                  | **(1,849)**      |              | (3,775)      |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Taxes accrued                                                            | **64,241 ** |              | 16,609  |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Interest accrued                                                         | **(4,483)**      |              | (7,592)      |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Margin deposits                                                          | **(2,865)**      |              | (1,058)      |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Risk management assets and  liabilities, net                             | **(2,022)**      |              | 2,283   |
|                                                                                          |                                                                         |                                                                                                    |                                                               | Other, net                                                               | **(1,149)**      |              | 4,496   |
|                                                                                          |                                                                         | Net cash provided by  operating activities                                                         | **133,627 **                                             |                                                                          | 110,244     |
| **Investing activities**                                                                 | ** **                                                              |                                                                                                    |                                                               |
|                                                                                          | Additions to property, plant  and equipment                             | **(54,285)**                                                                                       |                                                               | (52,477)                                                                 |
|                                                                                          | Allowance for other funds  used during construction                     | **2,113 **                                                                                    |                                                               | 1,368                                                               |
|                                                                                          | Proceeds from sale of  property, plant and equipment                    | **341 **                                                                                      |                                                               | 1,283                                                               |
|                                                                                          | Return of (investment in)  equity investment in investees               | **4,265 **                                                                                    |                                                               | (50,897)                                                                 |
|                                                                                          | Acquisition of partnership  net of cash                                 | **- **                                                                                        |                                                               | (54,561)                                                                 |
|                                                                                          |                                                                         | Net cash used in investing  activities                                                             | **(47,566)**                                                  |                                                                          | (155,284)        |
| **Financing activities**                                                                 | ** **                                                              |                                                                                                    |                                                               |
|                                                                                          | Cash transferred from (to)  restricted accounts, net                    | **10,612 **                                                                                   |                                                               | (13,412)                                                                 |
|                                                                                          | Issuance of common stock                                                | **2,206 **                                                                                    |                                                               | 44,300                                                              |
|                                                                                          | Repurchase of common stock                                              | **(67)**                                                                                           |                                                               | 25                                                                  |
|                                                                                          | Change in short-term debt,  net                                         | **(243,880)**                                                                                      |                                                               | 47,095                                                              |
|                                                                                          | Retirement of long-term  obligations                                    | **(41,470)**                                                                                       |                                                               | (63,247)                                                                 |
|                                                                                          | Issuance of long-term debt                                              | **175,000 **                                                                                  |                                                               | 75,000                                                              |
|                                                                                          | Deferred financing costs                                                | **(2,474)**                                                                                        |                                                               | (3,775)                                                                  |
|                                                                                          | Dividends paid on common and  preferred stock, net                      | **(33,248)**                                                                                       |                                                               | (32,008)                                                                 |
|                                                                                          |                                                                         | Net cash provided by (used  in) financing activities                                               | **(133,321)**                                                 |                                                                          | 53,978      |
| **Net increase (decrease)  in cash and cash equivalents**                                | **(47,260)**                                                            |                                                                                                    | 8,938                                                    |
| **Cash and cash equivalents  at beginning of period**                                    | **114,331 **                                                       |                                                                                                    | 11,938                                                   |
| **Cash and cash equivalents  at end of period**                                          | **$         67,071 ** |                                                                                                    | $        20,876  |
| **Supplementary cash flow  information**                                                 | ** **                                                              |                                                                                                    |                                                               |
|                                                                                          | Interest paid (net of amount  capitalized)                              | **$         56,175 **                            |                                                               | $        47,761             |
|                                                                                          | Income taxes paid (refunded)                                            | **$       (36,827)**                                            |                                                               | $          3,000  |
| **Supplementary noncash  financing activity**                                            | ** **                                                              |                                                                                                    |                                                               |
|                                                                                          | Issuance of treasury stock                                              | **$              166 ** |                                                               | $          1,481  |
|                                                                                          |                                                                         |                                                                                                    |                                                               |                                                                          |                  |              | ** **   |            |      |
| *The accompanying notes are an integral part of the  consolidated financial statements.* |

******13

----

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

          Set forth below isinformation concerning the consolidated results of operations of Cleco for thethree months and nine months ended September 30, 2003, and September 30, 2002.  Thefollowing discussion should be read in combination with Cleco's UnauditedConsolidated Financial Statements and the Notes contained in this Form 10-Q.

**Perryville**

          In May 2003,Perryville signed a letter of intent to sell the Perryville facility to anEntergy subsidiary.  The letter of intent expired on August 15, 2003; however, Entergy and Perryvillecontinue to discuss and negotiate the possible sale of these assets on mutuallyacceptable terms.

          Prior to the July14, 2003, filing by Mirant and certain of its subsidiaries, including MAEM, forvoluntary protection under Chapter 11 of the U.S. Bankruptcy Code, the carryingvalue of the Perryville facility was compared to its undiscounted,probability-weighted, future cash flows, due to the occurrence of a triggeringevent as required by SFAS No. 144.  That calculation, pursuant toSFAS No. 144, corresponded largely to the future cash flows expected to bereceived under the Perryville Tolling Agreement.  Due to Mirant'sbankruptcy filing and the subsequent events surrounding that bankruptcy, theprobability weighting of future cash flows under possible scenarios, asrequired by SFAS No. 144, changed significantly.  As a result of thechange in probability weighting of Perryville's undiscounted future cash flows,management believed the carrying value of Perryville's long-lived assets wasimpaired; therefore, the carrying value of these assets was reduced to fairvalue.  The difference between Perryville's carrying value and itsfair value resulted in an impairment charge of $134.8 million in the secondquarter of 2003.  This charge is presented in a separate line item inthe operating expenses section of the Consolidated Statements of Income asdiscussed below under " - Comparison of Nine Months Ended September 30, 2003and 2002."  At September 30, 2003, Perryville's undiscountedprobability-weighted, future cash flows exceeded its carrying value; therefore,no additional impairment was recorded in the third quarter of 2003.  However,depending on the outcome of Perryville's efforts to sell the facility,applicable accounting rules could require Perryville to reduce the carryingvalue of the facility and recognize an additional impairmentcharge.  Also, future earnings could be realized if Perryville recoversdamages through the Mirant bankruptcy process arising from MAEM's rejection ofthe Perryville Tolling Agreement.

          On August 29, 2003,MAEM and its related debtors (collectively, the "Debtors") filed and servedupon Perryville a motion pursuant to which the Debtors moved under BankruptcyCode Section 365 to reject the Perryville Tolling Agreement.  MAEMasserts that pursuant to their motion, the rejection of the Perryville TollingAgreement was effective on September 15, 2003.  Upon the rejection ofthe Perryville Tolling Agreement, MAEM relinquished the rights to exclusivelydispatch the facility's capacity and energy.  Moreover, MAEM is nolonger financially responsible for the recurring payments pursuant to thePerryville Tolling Agreement subsequent to September 15, 2003.

          Foradditional information on Perryville's impairment and the impact of the Mirantbankruptcy, see Note 15 - "Perryville" in the Notes to the Unaudited FinancialStatements in this Report.  For information on the assumptions andestimates underlying Midstream's accounting for long-lived assets, see"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Critical Accounting Policies - Midstream" on pages 33 and 34 ofthe 2002 Annual Report to Shareholders, which is filed as Exhibit 13 to theRegistrants' Form 10-K for the year ended December 31, 2002, and isincorporated herein by reference.

**Comparison of the Three Months Ended****September 30, 2003****and 2002**

***Cleco Consolidated***

|                                        | For the three  months ended September 30, |
|----------------------------------------|-------------------------------------------|
|                                        | **2003**                                  | ** ** | 2002 | ** ** | Variance | ** ** | Change |
|                                        | (Thousands)                               | ** ** |  |
| Operating revenue                      | **$**                                     | **276,628 ** |  | $ | 223,691  |  | $ | 52,937  | ** ** | 23.7 % |
| Operating expenses                     | ** **                                | **228,444 ** |  |  | 157,301  | ** ** | ** ** | 71,143  | ** ** | 45.2 % |
| ** **                             | ** **                                | ** ** |  |  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Operating income                       | **$**                                     | **48,184 ** |  | $ | 66,390  |  | $ | (18,206) | ** ** | (27.4)% |
| ** **                             | ** **                                | ** ** |  |  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Equity income from  investees          | **$**                                     | **8,318 ** |  | $ | 6,780  |  | $ | 1,538  | ** ** | 22.7 % |
| Interest charges                       | **$**                                     | **17,696 ** |  | $ | 16,501  |  | $ | 1,195  | ** ** | 7.2 % |
| Net income applicable  to common stock | **$**                                     | **23,342 ** |  | $ | 36,392  |  | $ | (13,050) | ** ** | (35.9)% |

14

----

**          **Consolidatednet income applicable to common stock decreased $13.1 million, or 35.9% in the thirdquarter of 2003 compared to the third quarter of 2002 primarily due to the decreasedearnings from Cleco Power and Midstream.  Results of operations forCleco Power and Midstream, Cleco's two principal subsidiaries, are more fullydescribed below.

**          **Operatingrevenue increased $52.9 million, or 23.7%, in the third quarter of 2003compared to the same period of 2002 largely as a result of higher base and fuelcost recovery revenue from utility customer sales, lower losses from energytrading, and higher energy operations revenue due to increased fuel prices andincreased volumes of natural gas marketed.  In addition, lowerestimated customer credits resulting from the revised estimate of the accrualsfor the rate refund based on actual results for the third quarter increased operating revenue.  Partially offsettingthese increases was lower tolling revenue at the Perryville and Evangeline facilities.

**          **Operatingexpenses increased $71.1 million, or 45.2%, in the third quarter of 2003compared to the third quarter of 2002 primarily due to higher prices fornatural gas purchased for fuel generation and power purchased for Cleco Powercustomers.  Also contributing to this increase were higher otheroperations and maintenance expenses.  Other operations expenseincreased largely as a result of reserves recorded at Perryville to reflectpotentially uncollectible receivables, while increased maintenance expenses wereprimarily a result of Cleco Power's reliability enhancement initiative and its tropicalstorm restoration efforts during the third quarter of 2003.

**          **Equityincome from investees increased $1.5 million, or 22.7%, in the third quarter of2003 compared to the same period of 2002 primarily as a result of thecommencement of full commercial operation of the Acadia facility in August 2002.  Interestcharges increased $1.2 million, or 7.2%, compared to the third quarter of 2002primarily due to the cessation of capitalizing interest-related expensesassociated with Acadia once this facility commenced commercial operation.

***Cleco Power***

          Cleco Power's netincome applicable to member's equity in the third quarter of 2003 decreased $5.8million, or 29.5%, compared to the third quarter of 2002.  Contributingfactors include:

| -   | higher capacity payments,         |
|----------|-----------------------------------|
| -   | higher maintenance expenses, and  |
| -   | higher effective income tax rate. |

          These werepartially offset by:

| -   | higher base revenue from retail and wholesale customer  sales and energy management services, |
|----------|-----------------------------------------------------------------------------------------------|
| -   | lower losses from energy trading, and                                                         |
| -   | lower customer refund credits.                                                                |

          Asreflected in the chart on the following page, the aggregation of fuel costrecovery revenue, power purchased for utility customers, and fuel used for electricgeneration significantly increased in the third quarter of 2003 compared to thesame period in 2002.  However, changes in these items do notsignificantly impact net income, since fluctuations in fuel-related costs generallyare recovered through fuel cost recovery revenue via Cleco Power's fuel costadjustment process.  However, 

15

----

Cleco's reliance on natural gas as a component of its fuelmix could impact future earnings as a result of wholesale competition and if and whenretail competition emerges.

|                                |                                                      |                          |                                                              | For the three months ended September 30, |
|--------------------------------|------------------------------------------------------|--------------------------|--------------------------------------------------------------|------------------------------------------|
|                                |                                                      |                          |                                                              | **2003**                                 | ** ** | 2002 | ** ** | Variance |  | Change |
|                                |                                                      |                          |                                                              | (Thousands)                              |  |  |
| Operating revenue              |                                                      |                          |                                                              |                                          |  |  |  |
|                                | Base                                                 |                          | **$    91,650 **                    |                                          | $    90,655  |  | $          995  |  | 1.1 % |
|                                | Fuel cost recovery                                   | **117,297 **        |                                                              | 82,025                              |  | 35,272  |  | 43.0 % |
|                                | Electric customer credits                            | **7,849 **          |                                                              | **- **                              |  | 7,849  |  | * |
|                                | Energy trading, net                                  | **(4)**                  |                                                              | (2,350)                                  |  | 2,346  |  | 99.8 % |
|                                | Other operations                                     | **7,695 **          |                                                              | 7,641                               |  | 54  |  | 0.7 % |
|                                | Intercompany revenue                                 | **558 **            |                                                              | 381                                 |  | 177  |  | 46.5 % |
|                                |                                                      | Total operating revenue  | **225,045 **                                            |                                          | 178,352  |  | 46,693  |  | 26.2 % |
|                                |                                                      |                          |                                                              | ** **                               |  |  |  |  |  |  |
| Operating expenses             | ** **                                           |                          |                                                              |                                          |  |  |  |
|                                | Fuel used for electric generation                    | **51,613 **         |                                                              | 50,050                              |  | 1,563  |  | 3.1 % |
|                                | Power purchased for utility customers                | **81,911 **         |                                                              | 45,065                              |  | 36,846  |  | 81.8 % |
|                                | Other operations                                     | **18,345 **         |                                                              | 18,045                              |  | 300  |  | 1.7 % |
|                                | Maintenance                                          | **20,432 **         |                                                              | 6,687                               |  | 13,745  |  | 205.5 % |
|                                | Depreciation                                         | **13,672 **         |                                                              | 13,106                              |  | 566  |  | 4.3 % |
|                                | Taxes other than income taxes                        | **9,584 **          |                                                              | 9,814                               |  | (230) |  | (2.3)% |
|                                |                                                      | Total operating expenses | **195,557 **                                            |                                          | 142,767  |  | 52,790  |  | 37.0 % |
|                                |                                                      |                          |                                                              | ** **                               |  |  |  |  |  |  |
| Operating income               | **$    29,488 **            |                          | $     35,585                   |                                          | $      (6,097) |  | (17.1)% |
| Other income (expense), net    | **$     (1,000)**           |                          | $         (131) |                                          | $         (869) |  | (663.4)% |
| Federal and state income taxes | **$      8,353 ** |                          | $       9,547        |                                          | $      (1,194) |  | (12.5)% |
| Net income                     | **$    13,909 **            |                          | $     19,719                   |                                          | $      (5,810) |  | (29.5)% |
|                                |                                                      |                          |                                                              | ** **                               |  |  |  |  |  |  |
| * *                       | ** Not meaningful*                                   | ** **               |                                                              |                                          |  |  |  |  |
|                                |                                                      |                          |                                                              |                                          |  |  |  |  |  |  |

|                                           |                  |                      |                 | For the three months ended September 30, |
|-------------------------------------------|------------------|----------------------|-----------------|------------------------------------------|
|                                           |                  |                      |                 | **2003**                                 |  | 2002 |  | Change |
|                                           |                  |                      |                 | (Million kWh)                            |  |  |
| Electric sales                            |                  |                      |                 |                                          |  |
|                                           | Residential      | **1,119 **      |                 | 1,100                               |  | 1.7 % |
|                                           | Commercial       | **530 **        |                 | 511                                 |  | 3.7 % |
|                                           | Industrial       | **719 **        |                 | 717                                 |  | 0.3 % |
|                                           | Other retail     | **174 **        |                 | 171                                 |  | 1.8 % |
|                                           | Unbilled         | **(58)**             |                 | (23)                                     |  | (152.2)% |
|                                           |                  | Total retail         | **2,484 ** |                                          | 2,476  |  | 0.3 % |
|                                           | Sales for resale | **248 **        |                 | 231                                 |  | 7.4 % |
| Total retail and wholesale customer sales | **2,732 **  |                      | 2,707      |                                          | 0.9 % |
| Short-term sales to other utilities       | **28 **     |                      | 30         |                                          | (6.7)% |
| Sales from trading activities             | **6 **      |                      | 72         |                                          | (91.7)% |
|                                           |                  | Total electric sales | **2,766 ** |                                          | 2,809  |  | (1.5)% |
|                                           |                  |                      |                 |                                          |  |  |  |  |

          Cleco Power's residential customers' demand for electricity is largelyaffected by weather.  Weather is generally measured in cooling degree-daysand heating degree-days.  A cooling degree-day is an indication ofthe likelihood that a consumer will use air conditioning, while a heatingdegree-day is an indication of the likelihood that a consumer will useheating.  An increase in heating degree-days does not produce thesame 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 are calculatedfor a month by separately calculating the average actual heating and coolingdegree-days for that month over a period of about 30 years.

16

----

          Thefollowing chart shows how cooling degree-days varied from normal conditions andfrom the prior period.  In the fourth quarter of 2002, Cleco Power changedthe method of determining cooling-degree days and began to use temperature datacollected by the NOAA for this purpose.  Cooling degree-days for eachperiod indicated have been adjusted to reflect the change in the temperaturedata source.

|                                                       | For the three months  ended September 30,                                                                                                                          |
|-------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                       | **2003**                                                                                                                                                           | 2002 |
| **Cooling degree-days**                               | ** **                                                                                                                                                         |  |
|    Increase (decrease) from normal     | **(6.51) %                         ** | (2.89) %         |
|    Increase (decrease) from prior year | **(3.73) %                         ** | (0.34) %         |

*Base*

          Base revenue duringthe third quarter of 2003 increased $1.0million, or 1.1%, compared to the same period in 2002.  The increasewas primarily due to increased energy management services revenue as a resultof new contracts which began in May 2003.  In addition, slightly highervolumes of retail and wholesale customer kWh sales, primarily in the residentialand commercial customer classes, resulted in higher base revenue.

          On July 7, 2003, one of ClecoPower's existing municipal customers entered into a three-year wholesalecontract with an energy marketing company.  This new contract is scheduledto begin once Cleco Power's contract expires on May 31, 2004.  The expiration ofthis contract is expected to reduce annual base revenue by approximately $4.8million.  Also anticipated with the non-renewal of this contract willbe a reduction of capacity expenses of approximately $2.0 million, resulting inan expected net annual reduction of $2.8 million in pre-tax operating income.

          On July 16, 2003, the LPSCapproved Cleco Power's new five-year contract with one of its existingindustrial customers.  As a result of the terms in the new contract,base revenue is expected to decrease by approximately $1.0 million in 2003, andby almost $2.0 million annually over the remaining life of the new agreement.

          During the secondquarter of 2004, Cleco Power is expected to begin serving a new industrialcustomer and during the fourth quarter of 2004 is expected to begin providingservice to an expansion of a current customer's operation.  The expectednew service and expected expansion of current service is projected to increase2004 base revenue by approximately $0.6 million and annually increase revenueby approximately $1.1 million beginning in 2005.

*Fuel Cost Recovery*

          Fuel cost recoveryrevenue collected from customers increased $35.3 million, or 43.0%, primarilyas a result of an increase of 49.8% in the average per unit cost of powerpurchased from the energy market in the third quarterof 2003 compared to the third quarter of 2002and a 26.1% increase in the average per unit cost of fuel used for electricoperations.  The increase in fuel used for electric generation isprimarily the result of higher natural gas prices.  The increase in theper unit cost of purchased power was influenced by higher natural gas prices,as well as other market factors.  Changes in fuel costshistorically have not significantly affected Cleco Power's netincome.  Generally, all fuel and purchased power costs are recoveredthrough the LPSC-established Fuel Adjustment Clause that enables Cleco Power topass on to its customers substantially all such charges.  Cleco Power'sFuel Adjustment Clause filings are submitted monthly and are regulated by theLPSC (representing about 93% of the total fuel costs) and theFERC.  All filings are subject to refund until final approval isreceived from the LPSC upon completion of a periodic 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 andincludes Fuel Adjustment Clause filings for January 2001 through December 2002,although a portion of the data requested for the audit relates to periods priorto the 2001 and 2002 filings.  The audit, pursuant to the FuelAdjustment Clause General Order issued November 6, 1997, in Docket No. U-21497,is required to be performed no less frequently than every other year; however,this is the first LPSC Fuel Adjustment Clause audit of ClecoPower.  LPSC-jurisdictional revenue recovered by Cleco Power throughits Fuel Adjustment Clause for the audit period of January 2001 throughDecember 2002 was $567.1 million.  Management is unable to predictthe results of the LPSC fuel audit, which could require Cleco Power to refund thepreviously recovered revenue and could adversely impact the Registrants'results of operations and financial condition.  The LPSC Staff expectsto issue its findings and recommendations related to the fuel audit by thefirst quarter of 2004.

17

----

*Electric Customer Credits*

          The reserve for electriccustomer credits during the third quarter of2003 decreased $7.8 million compared to the same period in2002.  This decrease reflects the revised estimate of the accruals forthe rate refund based on actual results for the third quarter.  The potential refunds are based on results foreach 12-month period ended September 30.  For additional informationon the accrual for electric customer credits, see Note 8 - "Accrual for ElectricCustomer Credits" in the Notes to the Unaudited Financial Statements in thisReport.

*Energy Trading, Net*

          For the thirdquarter of 2003 compared to the third quarter of 2002, decreases in power andgas volumes were directly related to the discontinuation of speculative tradingactivities in the fourth quarter of 2002.  Most of Cleco Power'sexposure to the market was mitigated in the summer of 2002 by transactions thatwere entered into to specifically offset open positions.  Volumes andassociated revenue were affected by these positions during the third quarter of2003.

          Generally, ClecoPower's energy trading transactions are considered non-hedging derivativesunder SFAS No. 133, as amended, which requires that the transactions be reportedat fair market value or "marked-to-market."  The chart below presentsthe components of energy trading, net.

|  
For the three  months ended September 30,

**2003**

2002

Variance

Change

 
(Thousands)

 
 
Energy trading margins....................  

**$  (71)**

** **

$  (1,526)

$  1,455

95.3 % 

 
 
Mark-to-market..................................  

**   67** 

** **

(824)

891

* 

 
 
Energy trading, net............................  

**$    (4)**

** **

$  (2,350)

$  2,346

99.8 % 

 
 
** **

** **

 
 
** Not meaningful*

** **

          Energy trading, netincreased $2.3 million, or 99.8%, in the third quarter of 2003 from the sameperiod in 2002.  This increase was primarily due to a negativeadjustment for premiums on certain gas put options recorded in the thirdquarter of 2002.  In addition, Cleco Power's efforts to mitigate mostof its exposure to the market following the discontinuation of speculativetrading activities in the fourth quarter of 2002 and volatility in power andnatural gas prices contributed to the fluctuations between each period.

*Operating Expenses*

          Operating expensesincreased $52.8 million, or 37.0%, in the third quarter of 2003 compared to thesame period of 2002.  Fuel used for electric generation increased $1.6million, or 3.1%, primarily due to an increase in the average per unit equivalentcost of fuel from $25.71 per MWh in the third quarter of 2002 to $32.90 per MWhin the same period of 2003.  Power purchased for utility customersincreased $36.8 million, or 81.8%, largely due to an increase in volumes and anincrease in the average per unit cost of purchased power.  Inaddition, power purchased for utility customers increased as a result of highercapacity payments made during the third quarter of 2003.  Increasesin fuel used for electric generation and power purchased for utility customers bothwere influenced significantly by higher natural gas prices.  As aresult, total system cost increased from $26.29 per MWh in the third quarter of2002 to $36.96 per MWh in the same period of 2003.  Other operationsexpense increased $0.3 million, or 1.7%, primarily due to higher property andgeneral liability insurance expense.  This was partially offset bylower distribution operation expenses in 2003 compared to 2002 as a result of TropicalStorm Isidore right-of-way clearing expenses that were incurred in the thirdquarter of 2002.  Maintenance expenses during the third quarter of2003 increased $13.7 million, or 205.5%, compared to the same period of2002.  The primary reasons for this increase were increasedmaintenance expenses from Cleco Power's transmission and distributionreliability initiative, production availability initiative, and restorationefforts associated with Tropical Storm Bill.  It is expected thaton-going maintenance expenses related to Cleco Power's reliability enhancementinitiative program will return to normal levels in subsequentperiods.  Depreciation expense increased $0.6 million,or 4.3%, largely as a result of normal recurring additions to fixed assets.

*Other Income (Expense), Net*

          Other income (expense),net increased $0.9 million, or 663.4%, during the third quarter of 2003compared to the same period of 2002 primarily due to payments made to communityaction agencies to assist low income customers.

18

*Income Taxes*

**          Income taxexpense in the third quarter of 2003 decreased $1.2 million, or 12.5%, comparedto the third quarter of 2002.  Cleco Power's effective income taxrate for the third quarter of 2003 increased to 37.5% from 32.6% compared tothe third quarter of 2002.  The increase was mainly due to anadjustment related to an internal review of accumulated deferred income taxes.  Forinformation about assumptions and estimates underlying Cleco Power's accountingfor the effect of income taxes, see "Item 2 Management's Discussion andAnalysis of Financial Condition and Results of Operations - Financial Condition- Critical Accounting Policies" and Note 14 - "Income Taxes" in the Notes tothe Unaudited Financial Statements in this Report.

***Midstream***

For the three months ended September 30,

**2003**

** **

2002

** **

Variance

Change

(Thousands)

Operating revenue

Tolling operations

**$      36,332 **

$      40,772 

$     (4,440)

(10.9)%

Energy trading, net

**(194)**

(437)

243 

55.6 %

Energy operations

**15,594 **

5,164 

10,430 

202.0 %

Other operations

**337 **

224 

113 

50.4 %

Intercompany revenue

**1 **

2,083 

(2,082)

(100.0)%

Total operating revenue

**52,070 **

47,806 

4,264 

8.9 %

Operating expenses

Purchases for energy operations

**14,329 **

4,180 

10,149 

242.8 %

Other operations

**13,321 **

5,514 

7,807 

141.6 %

Maintenance

**1,425 **

1,849 

(424)

(22.9)%

Depreciation

**3,639 **

4,409 

(770)

(17.5)%

Taxes other than income taxes

**149 **

324 

(175)

(54.0)%

Total operating expenses

**32,863 **

16,276 

16,587 

101.9 %

** **

Operating income 

**$      19,207 **

$      31,530 

$   (12,323)

(39.1)%

Equity income from investees

**$        8,318 **

$        6,780 

$      1,538 

22.7 %

Interest charges

**$        9,420 **

$        9,958 

$        (538)

(5.4)%

Federal and state income taxes 

**$        7,011 **

$      11,009 

$     (3,998)

(36.3)%

Net income applicable to member's equity

**$      11,088 **

$      17,481 

$     (6,393)

(36.6)%

          Midstream'snet income applicable to member's equity in the third quarter of 2003 decreased$6.4 million, or 36.6%, compared to the third quarter of 2002.  Contributingfactors include:
-  

lower tolling revenue and
-  

higher other operations expense.

These were partially offset by:
-  

lower losses from energy trading,
-  

lower maintenance expense,
-  

lower depreciation expense,
-  

higher equity income from investees, and
-  

lower interest charges.

19
**
*Tolling Operations*

          Tolling operationsrevenue decreased $4.4 million, or 10.9%, in the third quarter of 2003 comparedto the third quarter of 2002.  The decrease was primarily due toreduced tolling revenue at Perryville as a result of Mirant's bankruptcy and MAEM'ssubsequent rejection of the Perryville Tolling Agreement.  Tollingrevenue at Evangeline also was lower as a result of the facility beingdispatched less frequently in the third quarter of 2003 compared to the thirdquarter of 2002.  For additional information on Mirant's bankruptcyand MAEM's rejection of the tolling agreement, see Note 15 - "Perryville" inthe Notes to the Unaudited Financial Statements in this Report.

*Energy Trading, Net*

          For the thirdquarter of 2003 compared to the same period of 2002,decreases in power and gas volumes were directly related to the discontinuationof Midstream's speculative trading activities in the fourth quarter of2002.  Most of Midstream's exposure to the market from positionsopened prior to the change in its speculative trading strategy was mitigated inthe fourth quarter of 2002 by transactions that were entered into tospecifically offset open positions.  Volumes and associated revenuewere affected by these positions during the third quarter of 2003.  As of September 30, 2003, Marketing &Trading had closed all forward trading positions.

          Generally,Midstream's energy trading transactions are considered non-hedging derivativesunder SFAS No. 133, as amended, which requires that the transactions bereported at fair market value or "marked-to-market."  The chart belowpresents the components of energy trading, net.

For the three  months ended September 30,

 
 
**2003**
   
2002
   
Variance

Change

(Thousands)

 
 
Energy trading margins.................  

**$  (782)    **

$   3,362     

$  (4,144)    

* 

 
 
Mark-to-market...............................  

**588     **

(3,799)    

4,387     

* 

 
 
Energy trading, net........................  

**$  (194)    **

$    (437)    

$       243     

55.6 %

 
                   
 
** Not meaningful*
            
 
          Energy trading, netincreased $0.2 million, or 55.6%, in the third quarter of 2003 compared to thesame period of 2002.  The increase was primarily due to lower lossesrecorded during the third quarter of 2003 as a result of the discontinuation ofMidstream's speculative trading activities in late 2002.

*Energy Operations*

          The $10.4 million,or 202.0%, increase in energy operations revenue during the third quarter of2003 compared to the same period of 2002 was primarily due to increases in theaverage per unit cost of natural gas and volumes of natural gas marketed byCleco Energy to third parties.  In 2002, Cleco Energy sold gasproduction to Marketing & Trading as a part of its speculative tradingportfolio, which included trading physical gas.  These affiliatetransactions previously were eliminated from consolidated Midstream results andare not reflected in the charts below.  Cleco Energy has marketedmore physical gas to third parties in 2003 as a result of Marketing &Trading's discontinuation of speculative trading.  This increase inrevenue to third parties is reflected as wholesale natural gas marketed below.  Energymanagement services revenue decreased $0.6 million, or 94.5%, for the third quarterof 2003 compared to the same period of 2002 primarily due to Marketing &Trading's termination of all its energy management services contracts in May2003.  Intercompany volume and revenue within Midstream subsidiarieshave been eliminated and therefore are not reflected in the chartsbelow.  The chart below presents the components of energy operationsrevenue.

For the three months ended September 30,

**2003**
   
2002

 

Variance

Change

(Thousands)

Energy management services.........................  

**$         33  **

$     597   

$     (564)  

(94.5)%  

Wholesale natural gas marketed....................  

**15,561  **

4,567   

10,994   

240.7 %  

     Energy operations.......................................  

**$  15,594  **

$  5,164   

$  10,430   

202.0 %  

20

          Thechart below presents a summary of energy management kWh and natural gasmarketed during the third quarter of 2003 and 2002.

For the three  months ended September 30,

**2003**

2002

Change

Energy management (million kWh)........................  

**-           **

191     

(100.0)%  

Natural gas (MMBtu)..............................................  

**2,946,709     **

1,313,770     

124.3 %  

*Intercompany Revenue*

          Intercompanyrevenue decreased $2.1 million, or 100.0%, in the third quarter of 2003compared to the same period of 2002 primarily due to lower volumes of affiliatetransactions.

*Operating Expenses*

          Purchases forenergy operations increased $10.1 million, or 242.8%, in the third quarter of2003 compared to the same period of 2002 primarily due to the same factorsaffecting energy operations revenue.  Other operations expense increased$7.8 million, or 141.6%, during the third quarter of 2003 compared to the sameperiod of 2002.  This increase was primarily due to $7.6 million ofreserves recorded at Perryville to reflect potentially uncollectible MAEMreceivables, as a result of Mirant and certain of its affiliates filing for protectionunder Chapter 11 of the U.S. Bankruptcy Code on July 14, 2003, and the related rejection of the Perryville Tolling Agreement.  For additional informationon Mirant's bankruptcy and the rejection of the tolling agreement, see Note 15- "Perryville" in the Notes to the Unaudited Financial Statements in thisReport.  Partially offsetting these increases was a decrease in otheroperations expense that resulted primarily from reduced Midstream participationin unregulated energy markets, including wholesale generation assetdevelopment, project analytics, energy marketing and trading activities, andpower plant engineering services.  Maintenance expenses decreased $0.4million, or 22.9%, in the third quarter of 2003 compared to the same period in2002 primarily due to reduced Midstream power plant maintenance activities.  Depreciationexpense decreased $0.8 million, or 17.5%, primarily due to the decline in Perryville'sasset base resulting from the $134.8 million asset impairment charge recordedin the second quarter of 2003.  For additional information on thischarge, see Note 15 - "Perryville" in the Notes to the Unaudited FinancialStatements in this Report.

*Equity Income from Investees*

          Equity income frominvestees increased $1.5 million, or 22.7%, for the third quarter of 2003compared to the third quarter of 2002 primarily due to increased equityearnings from Acadia as a result of the facility beginning full commercialoperation in August 2002.  For additional information on Acadia, see Note4 - "Equity Investment in Investees" in the Notes to the Unaudited FinancialStatements in this Report.

*Interest Charges*

          Interest charges decreased$0.5 million, or 5.4%, during the third quarter of 2003 compared to the third quarterof 2002 primarily due to the suspension of interest accruals and payments on Perryville'ssubordinated debt to Mirant during the third quarter of 2003 as a result ofMirant's bankruptcy and MAEM's subsequent failure to remit pre-petition amountsunder the Perryville Tolling Agreement.  For additional informationon the rejection of the tolling agreement and its impact on the subordinateddebt, see Note 15 -"Perryville" in the Notes to the Unaudited FinancialStatements in this Report.  Partially offsetting this decrease was a change in the treatment ofinterest-related expenses associated with Acadia.  Prior to the August2002 commencement of full commercial operation at Acadia, interest related to thisproject was capitalized in accordance with SFAS No. 58.

*Income Taxes*

**          Income taxexpense in the third quarter of 2003 decreased $4.0 million, or 36.3%, comparedto the third quarter of 2002.  The decrease was primarily due tolower taxable income compared to the same period of 2002.  Forinformation about assumptions and estimates underlying Midstream's accountingfor the effect of income taxes, see "Item 2 Management's Discussion andAnalysis of Financial Condition and Results of Operations - Financial Condition- Critical Accounting Policies" and Note 14 - "Income Taxes" in the Notes tothe Unaudited Financial Statements in this Report.

21

**Comparison of the Nine Months Ended****September 30, 2003****and 2002**

***Cleco Consolidated***

** **

** **

** **

** **

** **

For the nine months  ended September 30,

**2003**

** **

2002

** **

Variance

** **

Change

(Thousands)

** **

Operating revenue

**$**

**682,113 **

** **

$

547,510 

** **

$

134,603 

** **

24.6 %

Operating expenses

** **

**694,628 **

** **

409,321 

** **

285,307 

** **

69.7 %

** **

** **

** **

** **

** **

** **

** **

** **

** **

Operating income (loss)

**$**

**(12,515)**

** **

$

138,189 

** **

$

(150,704)

** **

 *

** **

** **

** **

** **

** **

** **

** **

** **

** **

Equity income from  investees

**$**

**23,902 **

** **

$

8,140 

** **

$

15,762 

** **

193.6 %

Interest charges

**$**

**53,535 **

** **

$

41,081 

** **

$

12,454 

** **

30.3 %

Net income (loss)  applicable to common stock

**$**

**(26,180)**

** **

$

67,290 

** **

$

(93,470)

** **

* 

** **

** **

** **

** **

** **

** **

** **

** **

** **

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

** **

**          **Consolidatednet income (loss) applicable to common stock decreased $93.5 million in thefirst nine months of 2003 compared to the first nine months of 2002 primarilydue to the $134.8 million impairment charge at Perryville discussed above under"- Perryville."  Also contributing to the decrease were increasedlosses at the holding company level.  Losses at the holding companylevel increased primarily due to higher interest expense and higher corporatelegal and consulting fees associated with the FERC and LPSC investigations ofcertain trading activities.  On July 25, 2003, the FERC approved a settlement resolving its non-public investigation of Cleco's energymarketing and trading practices, a review of which was initially disclosed inNovember 2002.  The settlement included penalties and remedies thatresulted in a $0.9 million decrease in consolidated net income applicable tocommon stock.  For additional information on the FERC settlement, seeNote 16 - "FERC Settlement" in the Notes to the Unaudited Financial Statementsin this Report.

**          **Operatingrevenue increased $134.6 million, or 24.6%, in the first nine months of 2003 comparedto the same period of 2002 largely as a result of higher base, fuel costrecovery, and transmission revenues from utility customer sales, higher tollingrevenue from commencement of full commercial operation of the Perryvillefacility in the third quarter of 2002, and higher energy operations revenue dueto increased fuel prices and increased volumes of natural gasmarketed.  Partially offsetting these increases were lower tradingmargins and lower other operations revenue.

**          **Operatingexpenses increased $285.3 million, or 69.7%, in the first nine months of 2003compared to the first nine months of 2002 primarily due the $134.8 million impairmentof Perryville's long-lived assets.  Also contributing to thisincrease were higher prices for natural gas purchased for fuel generation andmarketing purposes, increased depreciation expense at Perryville and Evangeline,and increased other operations and maintenance expenses at Perryville and ClecoPower.

**          **Equityincome from investees increased $15.8 million, or 193.6%, in the first ninemonths of 2003 compared to the same period of 2002 primarily as a result of thecommencement of full commercial operation of the Acadia facility in August2002.  Interest charges increased $12.5 million, or 30.3%, comparedto the first nine months of 2002 primarily due to higher corporate debt and thecessation of capitalizing interest-related expenses associated with Perryvilleand Acadia once these facilities commenced commercial operation.

**          **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 nine months of 2003 decreased$4.1 million, or 8.3%, compared to the first nine months of2002.  Contributing factors include:
-  

higher capacity payments, 
-  

higher maintenance expense,
-  

higher depreciation expense, and
-  

higher interest charges.

22

These were partially offset by:
-  

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

higher margins from energy trading,
-  

higher transmission revenue, and
-  

lower other operations expense.

          As reflected in thechart on the following page, the aggregation of fuel cost recovery revenue, powerpurchased for utility customers, and fuel used for electric generationsignificantly increased in the first nine months of 2003 compared to the sameperiod in 2002.  However, changes in these items do not significantlyimpact net income, since fluctuations in fuel-related costs generally arerecovered through fuel cost recovery revenue via Cleco Power's fuel costadjustment process.  However, Cleco's reliance on natural gas as acomponent of its fuel mix could impact future earnings as a result of wholesalecompetition and if and when retailcompetition emerges.

For the nine months ended September 30,

**2003**

** **

2002

** **

Variance

Change

(Thousands)

Operating revenue

Base

**$  241,128 **

$  236,670 

$     4,458 

1.9 %

Fuel cost recovery

**277,952 **

199,295 

78,657 

39.5 %

Electric customer credits

**(1,562)**

(1,575)

13 

0.8 %

Energy trading, net

**627 **

(1,442)

2,069 

*

Other operations

**22,874 **

20,872 

2,002 

9.6 %

Intercompany revenue

**1,660 **

1,355 

305 

22.5 %

Total operating revenue

**542,679 **

455,175 

87,504 

19.2 %

** **

Operating expenses

** **

Fuel used for electric  generation

**121,211 **

107,287 

13,924 

13.0 %

Power purchased for utility customers

**181,253 **

114,938 

66,315 

57.7 %

Other operations

**45,812 **

48,196 

(2,384)

(4.9)%

Maintenance

**35,928 **

22,299 

13,629 

61.1 %

Depreciation

**40,268 **

39,085 

1,183 

3.0 %

Taxes other than income  taxes

**28,123 **

28,432 

(309)

(1.1)%

Total operating expenses

**452,595 **

360,237 

92,358 

25.6 %

** **

Operating income

**$    90,084 **

$   94,938 

$    (4,854)

(5.1)%

Other income (expense), net

**$     (2,437)**

$       (275)

$    (2,162)

(786.2)%

Interest charges

**$    21,396 **

$   20,568 

$        828 

4.0 %

Federal and state income  taxes

**$    24,262 **

$   26,950 

$    (2,688)

(10.0)%

Net income

**$    45,100 **

$   49,198 

$    (4,098)

(8.3)%

** **

* * Not meaningful*

For the nine months ended September 30,

**2003**

2002

Change

(Million kWh)

Electric sales

Residential

**2,714 **

2,668 

1.7 %

Commercial

**1,364 **

1,317 

3.6 %

Industrial

**2,038 **

2,025 

0.6 %

Other retail

**454 **

452 

0.4 %

Unbilled

**30 **

87 

(65.5)%

Total retail

**6,600 **

6,549 

0.8 %

Sales for resale

**588 **

549 

7.1 %

Total retail and wholesale  customer sales

**7,188 **

7,098 

1.3 %

Short-term sales to other  utilities

**92 **

90 

2.2 %

Sales from trading  activities

**20 **

194 

(89.7)%

Total electric sales

**7,300 **

7,382 

(1.1)%

23

          Thefollowing chart shows how cooling and heating degree-days varied from normalconditions and from the prior period.  In the fourth quarter of 2002,Cleco Power changed the method of determining heating and cooling degree-daysand began to use temperature data collected by the NOAA for thispurpose.  Cooling and heating degree-days for each period indicatedhave been adjusted to reflect the change in the temperature data source.
 
For the nine months  ended September 30,

**2003**

2002

**Cooling degree-days**

** **

   Increase (decrease) from normal

**(2.73)%          **

3.39 %        

   Increase (decrease) from prior year

**(5.92)%          **

2.88 %        

**Heating degree-days**

** **

   Increase (decrease) from normal

**9.26 %           **

(0.48)%        

   Increase from prior year

**10.29 %           **

0.00 %        

*Base*          Base revenue duringthe first nine months of 2003 increased $4.5 million, or 1.9%, compared to thesame period in 2002.  The increase was primarily due to slightly highervolumes of retail and wholesale customer kWh sales, primarily in theresidential and commercial customer classes.  In addition to the 1.3%increase in retail and wholesale customer sales, base revenue also increasedfrom energy management services revenue as a result of new contracts whichbegan in May 2003.  For information on the anticipated effects of thenon-renewal of one of Cleco Power's wholesale contracts, its renewal of one ofits contracts with an industrial customer, and the additional revenue fromindustrial customers, see "- Comparison of the Three Months Ended September 30,2003 and 2002 - Cleco Power - Base."

*Fuel Cost Recovery*

          Fuel cost recoveryrevenue collected from customers increased $78.7 million, or 39.5%, primarilyas a result of an increase of 45.0% in the average per unit cost of powerpurchased from the energy market in the first nine months of 2003 compared tothe first nine months of 2002 and a 32.2% increase in the average per unit costof fuel used for electric operations.  The increase in fuel used forelectric generation is primarily the result of higher natural gasprices.  The increase in the per unit cost of purchased power wasinfluenced by higher natural gas prices, as well as other marketfactors.  For information on Cleco Power's ability to recover fueland purchase power costs, see "- Comparison of the Three Months Ended September 30, 2003 and 2002 -Cleco Power - Fuel Cost Recovery."

*Electric Customer Credits*

          Electriccustomer credits during the first nine months of 2003 were slightly lowercompared to the same period in 2002.  This decrease in electric customercredits is a result of the revised estimate of the accruals for the rate refundbased on actual results for the first nine months of 2003.  The potentialrefunds are based on results for each 12-month period ended September30.  For additional information on the accrual for electric customercredits, see Note 8 - "Accrual for Electric Customer Credits" in the Notes tothe Unaudited Financial Statements in this Report.

*Energy Trading, Net*

          Forthe first nine months of 2003 compared to the first nine months of 2002,decreases in power and gas volumes were directly related to the discontinuationof speculative trading activities in the fourth quarter of2002.  Most of Cleco Power's exposure to the market was mitigated inthe summer of 2002 by transactions that were entered into to specificallyoffset open positions.  Volumes and associated revenue were affectedby these positions during the first nine months of 2003.

          Generally,Cleco Power's energy trading transactions are considered non-hedgingderivatives under SFAS No. 133, as amended, which requires that thetransactions be reported at fair market value or "marked-to-market."  Thechart below presents the components of energy trading, net.

 
For the nine months  ended September 30,

 
**2003**

 

2002
   
Variance

Change

 
(Thousands)

Energy trading margins.................  

**$   137     **

$    (557)    

$     694     

*  

 
Mark-to-market...............................  

**490     **

(885)    

1,375     

*  

 
Energy trading, net........................  

**$   627     **

$ (1,442)    

$  2,069     

*  

                
 
** Not meaningful*
               
* *

 
24

          Energytrading, net increased $2.1 million in the first nine months of 2003 comparedto the same period in 2002.  This increase was primarily a result of amountsrequired to be paid to Cleco Power pursuant to the Consent Agreement and a negativeadjustment for premiums on certain gas put options recorded in the thirdquarter of 2002.  In addition, Cleco Power's efforts to mitigate mostof its exposure to the market following the discontinuation of speculativetrading activities in the fourth quarter of 2002 and volatility in power andnatural gas prices contributed to the fluctuations between each period.  Foradditional information on the Consent Agreement and FERC settlement, see Note 16- "FERC Settlement" in the Notes to the Unaudited Financial Statements in thisReport.

*Other Operations*

          Other operationsrevenue increased $2.0 million, or 9.6%, in the first nine months of 2003compared to the same period of 2002 primarily due to an increase intransmission revenue.  The increase in transmission revenue waslargely a result of additional transmission services being provided to thetolling counterparties at Acadia, which commenced full commercial operation in August2002.  This transmission revenue was generated by a firm transmissioncontract that expired in the summer of 2003.

*Operating Expenses*

          Operating expensesincreased $92.4 million, or 25.6%, in the first nine months of 2003 compared tothe same period of 2002.  Fuel used for electric generation increased$14.0 million, or 13.0%, primarily due to an increase in the average per unit equivalentcost of fuel from $24.68 per MWh in the first nine months of 2002 to $33.37 perMWh in the same period of 2003.  Power purchased for utilitycustomers increased $66.3 million, or 57.7%, largely due to an increase in theaverage per unit cost of purchased power.  In addition, powerpurchased for utility customers increased as a result of higher capacitypayments made during the first nine months of 2003.  The increase inpower purchased for utility customers was partially offset by a $1.1 milliondecrease resulting from payments made under the Consent Agreement.  Foradditional information on the Consent Agreement and the FERC settlement, see Note16 - "FERC Settlement" in the Notes to the Unaudited Financial Statements inthis Report.  Increases in fuel used for electric generation andpower purchased for utility customers both were influenced significantly byhigher natural gas prices.  As a result, total system cost increased from$25.58 per MWh in the first nine months of 2002 to $36.04 MWh in the sameperiod of 2003.  Other operations expense decreased $2.4 million, or 4.9%,primarily due to reduced staff resulting from Cleco's 2002 organizationalrestructuring.  Maintenance expense during the first nine months of2003 increased $13.6 million, or 61.1%, compared to the same period of2002.  The primary reasons for this increase were increasedmaintenance expenses from Cleco Power's transmission and distribution reliabilityinitiative, production availability initiative, and restoration effortsassociated with Tropical Storm Bill.  Partially offsetting thisincrease were lower plant outage costs in the first nine months of2003.  Depreciation expense increased $1.2 million, or 3.0%, as aresult of normal recurring additions to fixed assets.

*Other Income (Expense), Net*

**          Other income (expense),net increased $2.2 million, or 786.2%, during the first nine months of 2003compared to the same period of 2002 primarily due to increased donations,increased community project involvement, and payments made to community actionagencies to assist low income customers.

*Interest Charges*

          Interest charges increased$0.8 million, or 4.0%, during the first nine months of 2003 compared to thesame period of 2002 primarily due to interest accrued on new senior notesissued in April 2003 and insured quarterly notes issued in May 2002.

*Income Taxes*

**          Income taxexpense in the first nine months of 2003 decreased $2.7 million, or 10.0%,compared to the first nine months of 2002.  The decrease wasprimarily due to lower taxable income compared to the same period of 2002.  Forinformation about assumptions and estimates underlying Cleco Power's accountingfor the effect of income taxes, see "Item 2 Management's Discussion andAnalysis of Financial Condition and Results of Operations - Financial Condition- Critical Accounting Policies" and Note 14 - "Income Taxes" in the Notes tothe Unaudited Financial Statements in this Report.

25

***Midstream***

*** ***

For the nine months ended September 30,

**2003**

** **

2002

** **

Variance

Change

(Thousands)

Operating revenue

Tolling operations

**$    88,140 **

$    66,266 

$    21,874 

33.0 %

Energy trading, net

**(2,380)**

2,450 

(4,830)

* 

Energy operations

**53,608 **

20,778 

32,830 

158.0 %

Other operations

**561 **

4,188 

(3,627)

(86.6)%

Intercompany revenue

**203 **

5,296 

(5,093)

(96.2)%

Total operating revenue

**140,132 **

98,978 

41,154 

41.6 %

Operating expenses

Purchases for energy operations

**50,221 **

17,373 

32,848 

189.1 %

Other operations

**28,824 **

21,035 

7,789 

37.0 %

Maintenance

**6,157 **

5,843 

314 

5.4 %

Depreciation

**18,791 **

8,624 

10,167 

117.9 %

Impairment of long-lived assets

**134,772 **

- 

134,772 

* 

Taxes other than income taxes

**362 **

1,220 

(858)

(70.3)%

Total operating expenses

**239,127 **

54,095 

185,032 

342.1 %

** **

Operating income (loss)

**$   (98,995)**

$    44,883 

$ (143,878)

*

Equity income from investees

**$    23,902 **

$      8,140 

$    15,762 

193.6 %

Other income (expense), net

**$        (905)**

$          (16)

$        (889)

*

Interest charges

**$    30,168 **

$      0,458 

$      9,710 

47.5 %

Federal and state income taxes (benefit) expense

**$   (40,306)**

$    12,282 

$   (52,588)

*

Net income (loss) applicable to member's equity

**$   (65,316)**

$    20,589 

$   (85,905)

*

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

 

          Midstream'snet loss applicable to member's equity for the first nine months of 2003 was $65.3million, significantly below the $20.6 million earned in the same period of 2002.  Contributingfactors include:
-  

impairment of long-lived assets,
-  

lower margins from energy trading, 
-  

higher other operations expense,
-  

higher depreciation expense, and
-  

higher interest charges.

These were partially offset by:
-  

higher tolling revenue and
-  

higher equity income from investees.

*Tolling Operations*

          Tolling operationsrevenue increased $21.9 million, or 33.0%, in the first nine months of 2003compared to the first nine months of 2002 primarily due to the Perryville facilitycommencing full commercial operation in the third quarter of2002.  This increase was partially offset by decreased generationfrom the Evangeline facility, which was dispatched less frequently in the firstnine months of 2003 compared to the first nine months of 2002.

*Energy Trading, Net*

          Forthe first nine months of 2003 compared to the same period of 2002, decreases inpower and gas volumes were directly related to the discontinuation of Midstream'sspeculative trading activities in the fourth quarter of 2002.  Mostof Midstream's exposure to the market from positions opened prior to the changein its speculative trading strategy was mitigated in the fourth quarter of 2002by transactions that were entered into to specifically offset openpositions.  Volumes and associated revenue were affected by thesepositions during the first nine months of 2003.  As of September 30, 2003, Marketing & Trading had closed all forward trading positions.

26

          Generally,Midstream's energy trading transactions are considered non-hedging derivativesunder SFAS No. 133, as amended, which requires that the transactions bereported at fair market value or "marked-to-market."  The chart belowpresents the components of energy trading, net.

For the nine months  ended September 30,

**2003**
   
2002
   
Variance

Change

(Thousands)

Energy trading margins.....................  

**$     (2,753)  **

$   3,044    

$ (5,797)  

* 

Mark-to-market...................................  

**373   **

(594)   

967   

* 

Energy trading, net............................  

**$     (2,380)  **

$   2,450    

$ (4,830)  

* 
                  
** Not meaningful*
                  
          Energy trading, netdecreased $4.8 million in the first nine months of 2003 compared to the sameperiod of 2002.  The decrease was primarily due to thediscontinuation of Midstream's speculative trading activities in late 2002, aswell as amounts required to be paid to Cleco Power under the ConsentAgreement.  For additional information on the Consent Agreement andFERC settlement, see Note 16 - "FERC Settlement" in the Notes to the UnauditedFinancial Statements in this Report.

*Energy Operations*

          The $32.8 million,or 158.0%, increase in energy operations revenue during the first nine monthsof 2003 compared to the same period of 2002 was primarily due to increases inthe average per unit cost of natural gas and volumes of natural gas marketed byCleco Energy to third parties.  In 2002, Cleco Energy sold gasproduction to Marketing & Trading as a part of its speculative tradingportfolio, which included trading physical gas.  These affiliatetransactions were previously eliminated from consolidated Midstream results andare not reflected in the charts below.  Cleco Energy has marketedmore physical gas to third parties in 2003 as a result of Marketing &Trading's discontinuation of speculative trading.  This increase inrevenue to third parties is reflected as wholesale natural gas marketed belowand was somewhat offset by the loss of one producer.  Energymanagement services revenue decreased $0.5 million, or 42.5%, for the first ninemonths of 2003 compared to the same period of 2002 primarily due to Marketing& Trading's termination of all its energy management services contracts inMay 2003.  Intercompany volumes and revenue within Midstreamsubsidiaries have been eliminated and therefore are not reflected in the chartsbelow.  The chart below presents the components of energy operationsrevenue.

For the nine months ended September 30,

**2003**
   
2002
   
Variance

Change

(Thousands)

Energy management services............ 

**$       639  **

$    1,111   

$      (472)   

(42.5) %  

Wholesale natural gas marketed......  

**52,969  **

19,667   

33,302    

169.3  %  

     Energy operations.........................  

**$  53,608  **

$  20,778   

$   32,830    

158.0  %  

          Thechart below presents a summary of energy management kWh and natural gas marketedduring the first nine months of 2003 and 2002.

For the nine months  ended September 30,

**2003**

2002

Change

Energy management (million kWh)........................  

**162     **

364     

(55.5)%   

Natural gas (MMBtu)..............................................  

**9,630,915     **

5,714,684     

68.5  %   

*Other Operations*

          Other operationsrevenue decreased $3.6 million, or 86.6%, in the first nine months of 2003compared to the same period of 2002 primarily due to a change in the accountingtreatment of Midstream's power plant operations, maintenance, and engineeringservices that were provided to Perryville.  Prior to Midstream'spurchase of Mirant's 50% ownership interest in Perryville in June 2002, revenuefrom these services was included in other operations revenue under the equitymethod of accounting.  Subsequent to the acquisition, Midstreamdiscontinued the equity method of accounting for Perryville and insteadconsolidated Perryville's assets, liabilities, revenue and expenses under thefull consolidation method effective July 2002.  As a result of thischange in accounting treatment, all revenue associated with Midstream's plantoperations for Perryville is included in intercompany revenue and has beeneliminated.

27
**
*Intercompany Revenue*

          Intercompanyrevenue decreased $5.1 million, or 96.2%, in the first nine months of 2003compared to the same period of 2002.  The decrease was primarily dueto lower volumes of affiliate transactions combined with a significantlyreduced gas transportation rate charged to an affiliate.

*Operating Expenses*

          Purchases forenergy operations increased $32.8 million, or 189.1%, in the first nine monthsof 2003 compared to the same period of 2002 primarily due to the same factorsaffecting energy operations revenue.  Other operations expense increased$7.8 million, or 37.0%, during the first nine months of 2003 compared to thesame period in 2002 primarily due to increased expenses associated with thecommencement of the Perryville facility's full commercial operation in thethird quarter of 2002.  Additionally, $13.9 million of reserves were recordedat Perryville in the first nine months of 2003, to reflect potentiallyuncollectible MAEM receivables, as a result of Mirant and certain of itsaffiliates filing voluntary petition for reorganization under Chapter 11 of theU.S. Bankruptcy Code on July 14, 2003, and the related rejection of thePerryville Tolling Agreement.  For additional information on Mirant'sbankruptcy and the rejection of the tolling agreement, see Note 15 - "Perryville"in the Notes to the Unaudited Financial Statements in thisReport.  Partially offsetting these increases were decreased otheroperations expense that resulted primarily from reduced Midstream participationin unregulated energy markets, including wholesale generation assetdevelopment, project analytics, energy marketing and trading activities, andpower plant engineering services.  Maintenance expenses increased $0.3million, or 5.4%, in the first nine months of 2003 compared to the same periodin 2002 primarily due to the commencement of the Perryville facility's fullcommercial operation in the third quarter of 2002 and increased expenses atEvangeline due to earlier than planned replacement of combustion turbine partsand certain repairs on the combustion turbines under the LTPAgreement.  The $10.2 million, or 117.9%, increase in depreciationexpense was largely due to a $4.5 million increase at Perryville following thecompletion of construction of the Perryville facility in the third quarter of2002, partially offset by lower depreciation expense as a result of the declinein Perryville's asset base due to the asset impairment charge recorded duringthe second quarter of 2003.  Adding to the increase in depreciationexpense was a $5.9 million increase at Evangeline following design changes tocertain combustion turbine parts as provided under the LTP Agreement andreassessment of the useful life of combustion turbine parts.  Due tothe reassessment of the useful life of combustion turbine parts at Evangeline,depreciation expense is expected to continue to reflect a slight increase whencompared to 2002.  A $134.8 million charge for impairment oflong-lived assets at Perryville was the principal cause of the significantincrease in total operating expenses.  This charge was incurredduring the first nine months of 2003, whereas no such charge was incurredduring the first nine months of 2002.  For additional information onthis charge, see Note 15 - "Perryville" in the Notes to the Unaudited FinancialStatements in this Report.  The $0.9 million, or 70.3%, decrease intaxes other than income taxes during the first nine months of 2003 compared tothe same period of 2002 was primarily the result of state franchise taxadjustments made during 2003 relating to 2002 and decreased payroll taxes as aresult of the transfer of employees to other affiliates.

*Equity Income from Investees*

          Equity income frominvestees increased $15.8 million, or 193.6%, for the first nine months of 2003compared to the first nine months of 2002 primarily due to increased equityearnings from Acadia as a result of the facility beginning full commercialoperation in August 2002.  For additional information on Acadia, see Note4 - "Equity Investment in Investees" in the Notes to the Unaudited FinancialStatements in this Report.

*Other Income (Expense), Net*

          Other income (expense),net increased $0.8 million during the first nine months of 2003 compared to thesame period of 2002 primarily due to the accrual and payment of a $0.8 million civilpenalty agreed to in the Consent Agreement.  For additionalinformation on the Consent Agreement, see Note 16 - "FERC Settlement" in theNotes to the Unaudited Financial Statements in this Report.

*Interest Charges*

          Interest charges increased$9.7 million, or 47.5%, during the first nine months of 2003 compared to thefirst nine months of 2002 primarily due to a change in the treatment ofinterest-related expenses associated with Midstream's asset developmentactivity.  Prior to the third quarter of 2002 commencement ofcommercial operation at Perryville and Acadia, interest related to these projectswas capitalized in accordance with SFAS No. 58.  Partially offsettingthis increase in interest charges was the

28

suspension of interest accruals and payments on Perryville'ssubordinated debt to Mirant as a result of Mirant's bankruptcy and MAEM's subsequent failure to remit pre-petition amountsunder the Perryville Tolling Agreement.  For additional informationon the rejection of the tolling agreement and its impact on the subordinateddebt, see Note 15 - "Perryville" in the Notes to the Unaudited FinancialStatements in this Report.

*Income Taxes*

**          Income taxexpense for the first nine months of 2003 decreased $52.6 million, providing anet tax benefit of $40.3 million, compared to the first nine months of2002.  The decrease was largely due to a loss recognized byPerryville as a result of a $134.8 million impairment charge recorded in thefirst nine months of 2003.  For information on the impairment charge,see Note 15 - "Perryville" in the Notes to the Unaudited Financial Statementsin this Report.  For information about the assumptions and estimatesunderlying Midstream's accounting for the effect of income taxes, see "Item 2Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition - Critical Accounting Policies" in thisReport.

29
****
**CLECO POWER LLC****PART I - FINANCIAL INFORMATION**

******ITEM 1**          **FINANCIALSTATEMENTS**

          The financialstatements of Cleco Power have been prepared pursuant to the rules andregulations of the SEC.  Certain information and note disclosuresnormally included in financial statements prepared in accordance withaccounting principles generally accepted in the United States of America havebeen condensed or omitted pursuant to such rules and regulations, althoughCleco Power believes that the disclosures are adequate to make the informationpresented not misleading.  These financial statements should be readin conjunction with Cleco Power's Financial Statements and the Notes includedin the Registrants' Combined Annual Report on Form 10-K for the year endedDecember 31, 2002.

          The unauditedfinancial information included in the following financial statements reflectsall adjustments of a normal recurring nature which are, in the opinion ofmanagement of Cleco Power, necessary for a fair presentation of the financial position and the results of operations for theinterim periods.  Information for interim periods is affected byseasonal variations in sales, rate changes, timing of fuel expense recovery andother factors, and is not necessarily indicative of the results that may beexpected for the full fiscal year.

30

**CLECO POWER LLCSTATEMENTS OF INCOMEFor the three months ended September 30,(UNAUDITED)**

** **

**2003**

** **

2002

(Thousands)

**Operating revenue**

Electric operations

**$         208,947 **

$           172,680 

Energy trading, net

**(4)**

(2,350)

Other operations

**7,695 **

7,641 

Intercompany revenue

**558 **

381 

Gross operating revenue

**217,196 **

178,352 

Electric customer  credits

**7,849 **

- 

Total operating revenue

**225,045 **

178,352 

** **

**Operating expenses**

** **

Fuel used for electric  generation

**51,613 **

50,050 

Power purchased for  utility customers

**81,911 **

45,065 

Other operations

**18,345 **

18,045 

Maintenance

**20,432 **

6,687 

Depreciation

**13,672 **

13,106 

Taxes other than income  taxes

**9,584 **

9,814 

Total operating  expenses

**195,557 **

142,767 

** **

**Operating income**

**29,488 **

35,585 

** **

Interest income

**363 **

396 

Allowance for other  funds used during construction

**486 **

446 

Other expense, net

**(1,000)**

(131)

** **

**Income before  interest charges**

**29,337 **

36,296 

** **

**Interest charges**

** **

Interest charges,  including amortization of debt expenses,

** **

premium and discount

**7,341 **

7,278 

Allowance for borrowed  funds used during construction

**(266)**

(248)

Total interest charges

**7,075 **

7,030 

** **

**Net income before  income taxes**

**22,262 **

29,266 

** **

Federal and state  income taxes

**8,353 **

9,547 

** **

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

**$           13,909 **

$             19,719 

** **

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

 31
****
**CLECO POWER LLCSTATEMENTS OF INCOMEFor the nine months ended September 30,(UNAUDITED)**

** **

**2003**

** **

2002

(Thousands)

**Operating revenue**

Electric operations

**$       519,080 **

$         435,965 

Energy trading, net

**627 **

(1,442)

Other operations

**22,874 **

20,872 

Intercompany revenue

**1,660 **

1,355 

Gross operating revenue

**544,241 **

456,750 

Electric customer  credits

**(1,562)**

(1,575)

Total operating revenue

**542,679 **

455,175 

** **

**Operating expenses**

** **

Fuel used for electric  generation

**121,211 **

107,287 

Power purchased for  utility customers

**181,253 **

114,938 

Other operations

**45,812 **

48,196 

Maintenance

**35,928 **

22,299 

Depreciation

**40,268 **

39,085 

Taxes other than income  taxes

**28,123 **

28,432 

Total operating  expenses

**452,595 **

360,237 

** **

**Operating income**

**90,084 **

94,938 

** **

Interest income

**998 **

685 

Allowance for other  funds used during construction

**2,113 **

1,368 

Other expense, net

**(2,437)**

(275)

** **

**Income before  interest charges**

**90,758 **

96,716 

** **

**Interest charges**

** **

Interest charges,  including amortization of debt expenses,

** **

premium and discount

**22,019 **

21,285 

Allowance for borrowed  funds used during construction

**(623)**

(717)

Total interest charges

**21,396 **

20,568 

** **

**Net income before  income taxes**

**69,362 **

76,148 

** **

Federal and state  income taxes

**24,262 **

26,950 

** **

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

**$         45,100 **

$           49,198 

** **

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

* *

* *

32
****
**CLECO POWER LLCBALANCE SHEETS (UNAUDITED)**

** **

**At**

At

**September 30,**

December 31,

**2003**

2002

(Thousands)

**Assets**

** **

** **

Utility plant and  equipment

** **

** **

Property, plant and  equipment

**$  1,669,336 **

$  1,617,254 

** **

Accumulated  depreciation

**(720,957)**

(680,305)

** **

Net property, plant and  equipment

**948,379 **

936,949 

** **

Construction  work-in-progress

**74,160 **

76,131 

** **

Total utility plant,  net

**1,022,539 **

1,013,080 

** **

** **

Current assets

** **

Cash and cash  equivalents

**48,406 **

69,167 

Customer accounts  receivable (less allowance for

doubtful accounts of  $810 in 2003 and $846 in 2002)

**41,427 **

25,467 

Other accounts  receivable

**23,559 **

23,553 

Accounts receivable -  affiliates

**11,281 **

9,296 

Taxes receivable

**- **

18,123 

Unbilled revenue

**17,008 **

15,996 

Fuel inventory, at  average cost

**16,248 **

13,309 

Material and supplies  inventory, at average cost

**13,622 **

12,333 

Margin deposits

**3,190 **

**- **

Risk management assets

**857 **

67 

Accumulated deferred  fuel 

**2,816 **

**- **

Accumulated deferred  federal and state income taxes, net

**2,652 **

3,652 

Other current assets

**4,501 **

4,234 

Total current assets

**185,567 **

195,197 

** **

Prepayments

**8,492 **

8,733 

Regulatory assets and  liabilities - deferred taxes, net

**91,340 **

65,268 

Other deferred charges

**57,832 **

56,167 

** **

**Total assets**

**$         1,365,770 **

$          1,338,445 

** **

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

*** ***

* *

* *

** **

*(continued on next page)*

*** ***

* *

* *

33
****
**CLECO POWER LLCBALANCE SHEETS (Continued)(UNAUDITED)**

** **

**At**

At

**September 30,**

December 31,

**2003**

2002

(Thousands)

**Liabilities and  capitalization**

** **

** **

Member's equity

**$             449,330 **

$          424,695 

** **

Other comprehensive  income

**(914)**

(914)

** **

Long-term debt

**410,561 **

335,517 

** **

** **

** **

**Total capitalization**

**858,977 **

759,298 

** **

** **

Current liabilities

** **

Short-term debt

**- **

107,000 

Long-term debt due  within one year

**- **

25,000 

Accounts payable

**57,578 **

63,154 

Accounts payable -  affiliates

**13,760 **

9,161 

Customer deposits

**21,381 **

21,069 

Taxes accrued

**42,703 **

- 

Interest accrued

**3,490 **

7,725 

Accumulated deferred  fuel 

**- **

3,509 

Risk management  liabilities

**- **

1,935 

Other current  liabilities

**3,310 **

2,733 

Total current  liabilities

**142,222 **

241,286 

** **

Deferred credits

** **

Accumulated deferred  federal and state income taxes, net

**302,834 **

274,205 

Accumulated deferred  investment tax credits

**19,448 **

20,744 

Other deferred credits

**42,289 **

42,912 

Total deferred credits

**364,571 **

337,861 

** **

**Total liabilities  and capitalization**

**$          1,365,770 **

$       1,338,445 

** **

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

* *

* *

34
****
**CLECO POWER LLCSTATEMENTS OF CASH FLOWSFor the nine months ended September 30,(UNAUDITED)**

** **

**2003**

** **

2002

(Thousands)

**Operating activities**

** **

Net income applicable  to member's equity

**$     45,100 **

$   49,198 

Adjustments to reconcile  net income to net cash provided

** **

by operating  activities:

** **

Depreciation and  amortization

**41,530 **

39,958 

Provision for doubtful  accounts

**965 **

688 

Allowance for other  funds used during construction

**(2,113)**

(1,368)

Amortization of  investment tax credits

**(1,296)**

(1,307)

Deferred income taxes  

**1,934 **

19,711 

Deferred fuel costs  

**(7,185)**

5,167 

Changes in assets and  liabilities:

** **

Accounts receivable

**(16,930)**

(18,730)

Accounts and notes  receivable, affiliate

**(1,985)**

(2,736)

Unbilled revenue

**(1,012)**

(3,445)

Fuel, materials and  supplies inventory

**(4,227)**

1,819 

Prepayments

**241 **

343 

Accounts payable

**(5,693)**

(13,883)

Accounts payable,  affiliate

**4,635 **

6,586 

Customer deposits

**312 **

362 

Other deferred accounts

**(2,463)**

(458)

Taxes accrued

**60,826 **

16,383 

Interest accrued

**(4,235)**

(5,966)

Margin deposits

**(3,190)**

(100)

Risk management assets  and liabilities, net

**(1,865)**

1,198 

Other, net

**430 **

1,781 

Net cash provided by  operating activities

**103,779 **

95,201 

**Investing activities**

** **

Additions to property,  plant and equipment

**(48,865)**

(52,500)

Allowance for other  funds used during construction

**2,113 **

1,368 

Proceeds from sale of  property, plant and equipment

**269 **

1,283 

Net cash used in  investing activities

**(46,483)**

** **

(49,849)

**Financing activities**

** **

Change in short-term  debt, net

**(107,000)**

(37,392)

Retirement of long-term  obligations

**(25,000)**

(50,000)

Issuance of long-term  debt

**75,000 **

75,000 

Deferred financing  costs

**(557)**

(3,776)

Distribution to parent

**(30,500)**

(31,000)

Contribution from  parent

**10,000 **

3,000 

Net cash used in  financing activities

**(78,057)**

(44,168)

**Net increase  (decrease) in cash and cash equivalents**

**(20,761)**

1,184 

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

**69,167 **

3,123 

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

**$     48,406 **

$     4,307 

**Supplementary cash  flow information**

** **

Interest paid (net of  amount capitalized)

**$     25,168 **

$   26,568 

Income taxes paid  (refunded)

**$    (22,005)**

$     2,906 

** **

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

 36
****
**CLECO POWER LLC****- NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS**

          Set forth below isinformation concerning the results of operations of Cleco Power for the threemonths and nine months ended September 30, 2003, and September 30, 2002.  Thefollowing narrative analysis should be read in combination with Cleco Power LLC'sUnaudited Financial Statements and the Notes contained in this Form 10-Q.

          Cleco Power meetsthe conditions specified in General Instructions H(1)(a) and (b) to Form 10-Qand therefore is 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 and Use of Proceeds), Item 3 (Defaults Upon Senior Securities) andItem 4 (Submission of Matters to a Vote of Security Holders).  Pursuantto the General Instructions, Cleco Power has included an explanation of thereasons for material changes in the amount of revenue and expense items ofCleco Power between the third quarter of 2003 and the third quarter of 2002 andthe first nine months of 2003 and 2002.  Reference is made toManagement's Discussion and Analysis of Financial Condition and Results ofOperations in Item 7 of the Registrants' Combined Annual Report on Form 10-Kfor the year ended December 31, 2002.

**          **For an explanation of material changes in theamount of revenue and expense items of Cleco Power between the third quarter of2003 and the third quarter of 2002, see "Item1 Financial Statements - Cleco Corporation - Management's Discussion andAnalysis of Results of Operations - Comparison of the Three Months Ended September30, 2003 and 2002 - Cleco Power" ofthis Report, 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 ninemonths of 2003 and the first nine months of 2002, see "Item 1 FinancialStatements - Cleco Corporation - Management's Discussion and Analysis ofResults of Operations - Comparison of the Nine Months Ended September 30, 2003and 2002 - Cleco Power" of this Report, which discussion is incorporated hereinby reference.

36
******INDEX TOAPPLICABLE NOTES TO THE FINANCIAL STATEMENTS OF REGISTRANTS**

Note 1

Reclassifications

Cleco Corporation and Cleco Power

Note 2

Disclosures about Segments

Cleco Corporation

Note 3

Restricted Cash

Cleco Corporation  

Note 4

Equity Investment in Investees

Cleco Corporation

Note 5

Review of Trading Activities

Cleco Corporation and Cleco Power

Note 6

Recent Accounting Standards

Cleco Corporation and Cleco Power

Note 7

Accounting for Asset  Retirement Obligation

Cleco Corporation and Cleco Power

Note 8

Accrual for Electric Customer  Credits

Cleco Corporation and Cleco Power

Note 9

Restructuring Charge

Cleco Corporation and Cleco Power

Note 10

Accounting for  Stock-Based Compensation - Transition and        Disclosure

Cleco Corporation

Note 11

Securities Litigation  and Other Commitments and Contingencies

Cleco Corporation and Cleco Power

Note 12

Disclosures about  Guarantees

Cleco Corporation and Cleco Power

Note 13

Debt

Cleco Corporation and Cleco Power

Note 14

Income Taxes

Cleco Corporation and Cleco Power

Note 15

Perryville

Cleco Corporation

Note 16

FERC Settlement

Cleco Corporation and Cleco Power

******NOTES TO THE UNAUDITED FINANCIAL****STATEMENTS**

**Note 1 - Reclassifications**

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

**Note 2 - Disclosures about Segments**

          Cleco hasdetermined that its reportable segments are based on Cleco's method of internalreporting, which disaggregates its business units by second-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, an investment subsidiary and the discontinued operations ofUTS.  The Other segment subsidiaries operate 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 decision-maker) withdiscrete financial information and, at least quarterly, present discretefinancial information to Cleco's Board of Directors.  Each reportablesegment prepared budgets for 2003 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 intersegment transactions occur on aregular basis.

37
 
          Thetables below present information about the reported operating results and netassets of Cleco's reportable segments.

**Segment  Information  For the quarter ended September 30,**

(Thousands)

**2003**

**ClecoPower**

**Midstream**

**Other**

**Unallocated  Items,  Reclassifications  & Eliminations**

**Consolidated**

Revenue

     Electric operations

**$**

**208,947 **

**$**

**- **

**$**

**- **

**$**

**- **

**$**

**208,947 **

     Tolling operations

** **

**- **

** **

**36,332 **

** **

**- **

** **

**- **

** **

**36,332 **

     Energy trading, net

** **

**(4)**

** **

**(194)**

** **

**- **

** **

**-**

** **

**(198)**

     Energy operations

** **

**- **

** **

**15,594 **

** **

**- **

** **

**- **

** **

**15,594 **

     Other operations

** **

**7,695 **

** **

**337 **

** **

**87 **

** **

**(15)**

** **

**8,104 **

     Electric customer credits

** **

**7,849 **

** **

**- **

** **

**- **

** **

**- **

** **

**7,849 **

     Intersegment revenue

** **

**558 **

** **

**1 **

** **

**10,306 **

** **

**(10,865)**

** **

**- **

Total operating revenue

**$**

**225,045 **

**$**

**52,070 **

**$**

**10,393 **

**$**

**(10,880)**

**$**

**276,628 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Depreciation expense

**$**

**13,672 **

**$**

**3,639 **

**$**

**291 **

**$**

**- **

**$**

**17,602 **

Interest charges

**$**

**7,075 **

**$**

**9,420 **

**$**

**4,705 **

**$**

**(3,504)**

**$**

**17,696 **

Interest income

**$**

**363 **

**$**

**83 **

**$**

**3,565 **

**$**

**(3,507)**

**$**

**504 **

Equity investment from investees

**$**

**- **

**$**

**8,318 **

**$**

**- **

**$**

**- **

**$**

**8,318 **

Federal and state income taxes       (benefit) expense

**$**

**8,353 **

**$**

**7,011 **

**$**

**(177) **

**$**

**(44)**

**$**

**15,143 **

Segment profit (loss) (1)  

**$**

**13,909 **

**$**

**11,088 **

**$**

**(1,194) **

**$**

**- **

**$**

**23,803 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Segment assets

**$**

**1,365,770 **

**$**

**820,037 **

**$**

**628,449 **

**$**

**(645,190)**

**$**

**2,169,066 **

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

** **

** **

** **

**Segment profit**

**$**

**23,803 **

**Unallocated items**

** **

** **

**     Preferred dividends**

** **

**461 **

**Net income applicable**

** **

** **

**     to common stock**

**$**

**23,342 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

2002

ClecoPower

Midstream

Other

Unallocated  Items,  Reclassifications  & Eliminations

Consolidated

Revenue

     Electric operations

$

172,680 

$

- 

$

- 

$

- 

$

172,680 

     Tolling operations

- 

40,772 

- 

- 

40,772 

     Energy trading, net

(2,350)

(437)

- 

(2)

(2,789)

     Energy operations

- 

5,164 

- 

(1)

5,163 

     Other operations

7,641 

224 

9 

(9)

7,865 

     Electric customer credits

- 

- 

- 

- 

- 

     Intersegment revenue

381 

2,083 

8,285 

(10,749)

- 

Total operating revenue

$

178,352 

$

47,806 

$

8,294 

$

(10,761)

$

223,691 

Depreciation expense

$

13,106 

$

4,409 

$

242 

$

- 

$

17,757 

Interest charges

$

7,030 

$

9,958 

$

3,178 

$

(3,665)

$

16,501 

Interest income

$

396 

$

132 

$

3,686 

$

(3,627)

$

587 

Equity investment from investees

$

- 

$

6,780 

$

- 

$

- 

$

6,780 

Federal and state income taxes       (benefit) expense

$

9,547 

$

11,009 

$

(487)

$

- 

$

20,069 

Segment profit (loss)  (1)

$

19,719 

$

17,481 

$

(340)

$

- 

$

36,860 

Segment assets

$

1,227,008 

$

1,061,774 

$

669,015 

$

(720,948)

$

2,236,849 

(1) Reconciliation of segment profit  to consolidated profit:

** **

** **

** **

Segment profit

$

36,860 

Unallocated items

     Preferred dividends

468 

Net income applicable

     to common stock

$

36,392 

38

 

**Segment  Information  For the nine months ended September 30,**

(Thousands)

**2003**

** **

**Cleco  Power**

** **

**Midstream**

** **

**Other**

** **

**Unallocated  Items,  Reclassifications  & Eliminations**

** **

**Consolidated**

Revenue

     Electric operations

**$**

**519,080 **

**$**

**- **

**$**

**- **

**$**

**- **

**$**

**519,080 **

     Tolling operations

** **

**- **

** **

**88,140 **

** **

**- **

** **

**- **

** **

**88,140 **

     Energy trading, net

** **

**627 **

** **

**(2,380)**

** **

**- **

** **

**1,283 **

** **

**(470)**

     Energy operations

** **

**- **

** **

**53,608 **

** **

**- **

** **

**- **

** **

**53,608 **

     Other operations

** **

**22,874 **

** **

**561 **

** **

**133 **

** **

**(251)**

** **

**23,317 **

     Electric customer credits

** **

**(1,562)**

** **

**- **

** **

**- **

** **

**- **

** **

**(1,562)**

     Intersegment revenue

** **

**1,660 **

** **

**203 **

** **

**30,744 **

** **

**(32,607)**

** **

**- **

Total operating revenue

**$**

**542,679 **

**$**

**140,132 **

**$**

**30,877 **

**$**

**(31,575)**

**$**

**682,113 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Depreciation expense

**$**

**40,268 **

**$**

**18,791 **

**$**

**820 **

**$**

**- **

**$**

**59,879 **

Impairment of long-lived assets

**$**

**- **

**$**

**134,772 **

**$**

**- **

**$**

**- **

**$**

**134,772 **

Interest charges

**$**

**21,396 **

**$**

**30,168 **

**$**

**12,804 **

**$**

**(10,833)**

**$**

**53,535 **

Interest income

**$**

**998 **

**$**

**544 **

**$**

**11,110 **

**$**

**(10,749)**

**$**

**1,903 **

Equity investment from investees

**$**

**- **

**$**

**23,902 **

**$**

**- **

**$**

**- **

**$**

**23,902 **

Federal and state income taxes       (benefit) expense

**$**

**24,262 **

**$**

**(40,306)**

**$**

**(1,138)**

**$**

**(160)**

**$**

**(17,342)**

Segment profit (loss) (1)  

**$**

**45,100 **

**$**

**(65,316)**

**$**

**(4,569)**

**$**

**- **

**$**

**(24,785)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

Segment assets

**$**

**1,365,770 **

**$**

**820,037 **

**$**

**628,449 **

**$**

**(645,190)**

**$**

**2,169,066 **

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

** **

** **

** **

**Segment loss**

**$**

**(24,785)**

**Unallocated items**

** **

** **

**     Preferred dividends**

** **

**1,395 **

**Net loss applicable**

** **

** **

**     to common stock**

**$**

**(26,180)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Unallocated

** **

** **

Items,

** **

** **

Cleco  

Reclassifications

2002

** **

Power

Midstream

Other

& Eliminations

Consolidated

Revenue

     Electric operations

$

435,965 

$

- 

$

- 

$

- 

$

435,965 

     Tolling operations

- 

66,266 

- 

- 

66,266 

     Energy trading, net

(1,442)

2,450 

- 

3 

1,011 

     Energy operations

- 

20,778 

- 

(2)

20,776 

     Other operations

20,872 

4,188 

40 

(33)

25,067 

     Electric customer credits

(1,575)

- 

- 

- 

(1,575)

     Intersegment revenue

1,355 

5,296 

23,142 

(29,793)

- 

Total operating revenue

$

455,175 

$

98,978 

$

23,182 

$

(29,825)

$

547,510 

Depreciation expense

$

39,085 

$

8,624 

$

692 

$

- 

$

48,401 

Interest charges

$

20,568 

$

20,458 

$

9,810 

$

(9,755)

$

41,081 

Interest income

$

685 

$

322 

$

9,754 

$

(9,647)

$

1,114 

Equity investment from investees

$

- 

$

8,140 

$

- 

$

- 

$

8,140 

Federal and state income taxes       (benefit) expense

$

26,950 

$

12,282 

$

(1,497)

$

- 

$

37,735 

Segment profit (loss)  (1)

$

49,198 

$

20,589 

$

(1,092)

$

- 

$

68,695 

Segment assets

$

1,227,008 

$

1,061,774 

$

669,015 

$

(720,948)

$

2,236,849 

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

** **

** **

** **

Segment profit

$

68,695 

Unallocated items

     Preferred dividends

1,405 

Net income applicable

     to common stock

$

67,290 

 39

**Note 3 - 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 September 30, 2003, $30.9million of cash was restricted under the Evangeline senior secured bondindenture, $10.4 million of cash was restricted at Perryville under the termsof the Senior Loan Agreement, and $1.8 million of APH's cash wasrestricted under the terms of the Midstream credit facility.

**Note 4 - EquityInvestment in Investees**

          Equity investment in investees represents Midstream's $268.7million investment in Acadia and Cleco Energy's $0.7 million investment in Hudson.  Midstream'sportion of earnings from Acadia for the third quarter of2003, $8.3 million, is included in the $268.7 million equity investment in Acadia.  Forthe third quarter of 2003, no materialearnings or losses were recorded for Hudson.

          Cleco reports its investment in Acadia on the equitymethod of accounting as defined in APB No. 18.

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

At September 30, 2003

(Thousands)

Contributed assets (cash and  land)................................................ 

$  250,612 

Net income (inception to date)........................................................  

38,783 

Capitalized interest and other..........................................................  

19,504 

     Less:  Cash distributions..............................................................  
   
(40,172)

          Total  equity investment in investee..................................... 
   
$  268,727 

 

          Midstream's equity,as reported in the balance sheet of Acadia at September 30, 2003, was $301.6 million.  The difference of $32.9 millionbetween the equity in investee and Midstream's equity represents $19.5 millionof interest capitalized on funds contributed to Acadia and other miscellaneouscharges related to the construction of the Acadia facility, as indicated in thetable above, and $52.4 million as a result of different accounting treatmentused by the partnership entities for allocation of termination agreement income.  Thecash distributions of $40.2 million were used to pay interest and repayprincipal on debt at the parent company relating to this investment.  InMay 2003, Acadia terminated its 580-MW, 20-year tolling agreement with Aquila Energy inreturn for a cash payment of $105.5 million from Aquila Energy.  Acadia made a $105.5million distribution to Calpine.  In exchange for this distribution,Calpine entered into a new 580-MW tolling contract with Acadia and assumed theoriginal ending date of the Aquila Energy tolling agreement, which is June 30, 2022.  Calpinenow markets all of the output from Acadia under the terms of this new contract and an existing20-year tolling agreement.  The Second Amended and Restated LimitedLiability Company Agreement of Acadia, dated as of May 9, 2003, provided for APH receivingpriority cash distributions and earnings as its consideration for therestructuring.  Also, Cleco will have more credit support availablein the event Calpine does not fulfill its obligations under either tollingagreement.  Calpine has posted letters of credit totaling $30.7million as of September 30, 2003.  An additional $9.3 million (of which $2.5million was posted in October 2003) is required to be posted by the end of2003, thereby increasing to $40.0 million the total letters of credit to be issuedby Calpine.  These letters of credit have various expiration terms,of which $13.0 million will expire on May 9, 2006, $12.0million will expire on December 31, 2006, and $15.0 million will remain in effect for the durationof the tolling agreement.  The table below contains unauditedsummarized financial information for Acadia.

(Unaudited)

**At  September 30,****2003**

At  December 31,   2002

(Thousands)

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

**$**

**14,027 **

** **

$

12,712 

Property, plant & equipment,  net.................. 

** **

**486,371 **

** **

496,098 

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

** **

**3,436 **

** **

2,468 

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

**$**

**503,834 **

** **

$

511,278 

** **

** **

** **

Current liabilities..............................................  

**$**

**1,793 **

** **

$

4,208 

 

Partners' capital................................................  

** **

**502,041 **

** **

507,070 

** **

** **

** **

     Total  liabilities and partners' capital........ 

**$**

**503,834 **

** **

$

511,278 

40

For the three months ended  September 30,

 

For the nine months ended  September 30,

**2003**

2002

 

**2003**

2002

(Thousands)

 

(Thousands)

Total revenue.......................

**$**

**19,775 **

** **

$

26,721 

** **

**$**

**63,825 **

** **

$

26,721 

Termination agreement income... 

** **

**- **

** **

- 

** **

** **

**105,500 **

** **

- 

Total operating expense......  

** **

**6,602 **

** **

13,161 

** **

** **

**21,540 **

** **

13,161 

** **

** **

** **

** **

** **

** **

** **

     Net income........................ 

**$**

**13,173 **

** **

$

13,560 

** **

**$**

**147,785 **

** **

$

13,560 

          Cleco Energy owns 50% of Hudson, which indirectly owns and operates natural gas pipelinesin Louisiana.  Hudson also ownscontrolling interest in an entity that owns and operates a pipeline system in Texas.  Themember's equity as reported in the balance sheet was $0.7 million, which equalsthe equity investment at Cleco Energy.

**Note 5 - Review of Trading Activities**

          In the thirdquarter of 2002, Cleco reviewed certain energy trading activities, includingtransactions between Cleco Power and certain Midstream companies.  Theseactivities and transactions may have violated PUHCA, as well as variousstatutes and regulations administered by the FERC and the LPSC.

          Cleco has contactedthe appropriate regulatory authorities, including the staffs of the FERC andthe LPSC, and has held discussions with them concerning indirect sales of testpower by Evangeline to Cleco Power, a regulated affiliate utility, otherindirect acquisitions of purchased power by Cleco Power from Marketing &Trading, Cleco Power's indirect sales of power to Marketing & Trading, andother transactions between Cleco Power and Marketing &Trading.  These discussions have led to formal investigatoryproceedings by the FERC and the LPSC, with which Cleco hascooperated.  These proceedings have entailed discovery measures bythe agencies with jurisdiction over the referenced energy trading transactionsand energy trading transactions in general between Cleco's power marketersubsidiaries.  At the same time, Cleco conducted its own internalinvestigations of Cleco's subsidiaries' energy trading activities forregulatory compliance.  On July 25, 2003, the FERC issued its orderapproving the Consent Agreement between the FERC Staff and Cleco which settledthe FERC's non-public investigation into certain transactions.  Formore information about the Consent Agreement and the FERC settlement, see Note 16- "FERC Settlement."  The continuing LPSC investigation may result indeterminations of possible or apparent violations in addition to thosedescribed in this Note and in Note 16.

          The indirect salesof test power by Evangeline occurred just prior to the commercial operationdate of that plant in 2000.  More specifically, Evangeline sold testpower directly to a third party to be resold to Cleco Power.  In addition,Marketing & Trading purchased test power in 2002 from Acadia and soldsome of this power to a third party to be resold to ClecoPower.  Cleco Power's purchases from these third parties were at thesame volumes and same prices as the third parties' purchases from Evangeline orMarketing & Trading and as Marketing & Trading's purchases from Acadia.  It appears some of thesetransactions may have potentially exceeded the pricing standards of theLPSC.  Management is unable to predict the remedial actions that maybe taken with respect to these transactions by the LPSC.  Forinformation about the FERC settlement concerning these transactions, see Note 16- "FERC Settlement."

          During the years1999 through 2002, Marketing & Trading and Cleco Power engaged intransactions in which power was sold indirectly between Marketing & Tradingand Cleco Power through the use of a third party.  In thesetransactions, Marketing & Trading would either indirectly buy power from,or sell power to Cleco Power through the use of a third party.  Itappears some of these transactions may have potentially exceeded the pricingstandards of the LPSC and its guidance concerning affiliaterelations.  Management is unable to predict the remedial actions thatmay be taken with respect to these transactions by the LPSC and cannotreasonably estimate Cleco's minimum probable contingency for thesetransactions.  For information about the FERC settlement concerningthese transactions, see Note 16 - "FERC Settlement."

          From 1999 throughmid-January 2002, the same personnel performed the trading operations of ClecoPower and Marketing & Trading.  Management believes thisrelationship and certain transactions described in this Note may be reviewed inCleco Power's pending LPSC fuel audit.  For additional information onthe fuel audit, see "Management's Discussion and Analysis of FinancialCondition and Results of Operations - Financial Condition - Regulatory Matters- Fuel Audit."  For information about the FERC settlement concerningthis issue, see Note 16 - "FERC Settlement."

41

          ClecoPower has recorded reserves which estimate the amount of potential refund tocustomers relating to credits received from Marketing & Trading andEvangeline, as required by the Consent Agreement.  Reserves have notbeen established for any other item relating to the current LPSC fuel auditbecause management is unable to predict the actions that may be taken by theLPSC and cannot reasonably estimate Cleco's minimum probable contingency forthe fuel audit.  For information about the penalties and remediescontained in the Consent Agreement, see Note 16 - "FERC Settlement."

**Note 6 - Recent Accounting Standards**

          In January2003, FASB released FIN 46, which expands the requirements of consolidation byincluding entities defined as "Variable Interest Entities" which depend on thefinancial support of a parent in order to maintainviability.  Detailed tests prescribed in FIN 46 can be used todetermine the dependence of a Variable Interest Entity on a parentcompany.  Currently, Cleco does not have any interest in VariableInterest Entities, but does have equity investments that do not qualify forconsolidation under FIN 46.  For information about Cleco's equityinvestments, see Note 4 - "Equity Investment in Investees."  InOctober 2003, the FASB deferred the effective date of FIN 46 until the firstfiscal period ending after December 15, 2003.

          In April 2003, FASBissued SFAS No. 149, which amends SFAS No. 133 by incorporating certaindecisions made by the FASB as a part of the DIG process.  Thispronouncement also amends several FASB statements as they relate to FASBStatement of Concepts 7 - Using Cash Flow Information and Present Value inAccounting Measurement.  All portions of this statement are currentlyeffective.  The adoption of this standard did not have a materialeffect on Cleco's financial statements.  The FASB Staff has severalproposed positions which clarify the FASB position relating to specificissues.  The current proposed positions should not have a materialimpact on Cleco's results of operations or financial condition.

          In April 2003, FASBissued SFAS No. 150, which established standards on how an entity classifiesand measures certain financial instruments with characteristics of bothliabilities and equity.  Generally, a financial instrument whichrequires the entity to either repurchase the instrument in cash or other assetsor requires the entity to issue a variable number of shares in order to redeemthe financial instrument must be reported as a liability and any dividends mustbe reported as interest costs.  Obligations to repurchase or settlethe financial instrument upon the liquidation or termination of the entity arenot within the scope of SFAS No. 150.  On October 29, 2003, the FASB Staff deferred portions of SFAS 150.  The adoption of thisstandard and the subsequent deferral of portions of SFAS 150 should not have amaterial impact on Cleco's results of operations or financial condition.

**Note 7 - Accounting for Asset Retirement Obligation**

          Cleco has recordedan asset retirement obligation in accordance with SFAS No. 143 that becameeffective on January 1, 2003.  SFAS No. 143 requires an entity torecord an asset retirement obligation when a regulatory, contractual, or otherobligation exists which would require the entity to incur costs to retire theasset.  The asset retirement obligation for Cleco Power consists ofthe estimated costs of closing the solid waste facilities associated with oneof its power plants that uses lignite for fuel.  Due to an absence ofcontractual, regulatory, or other legally enforceable requirements to incurcosts to retire assets, Midstream did not record an asset retirementobligation.

          Cleco Powerrecognizes an offset to the accretion and depreciation expenses associated withits asset retirement obligation in the form of a regulatory asset pursuant toSFAS No. 71.  Cleco Power recognizes a regulatory asset sincemanagement believes it is probable that the costs of closing its solid wastefacilities will be collected from its customers through rates established bythe LPSC.

          If SFAS No. 143 hadbeen in effect in 2002, there would have been no impact on earnings per share foreither the quarter ended September 30, 2002, or the nine months ended September 30, 2002, net of income tax effect.  Since a change in earnings pershare would not have occurred, proforma earnings per share disclosures are notpresented.

42

          Thetable below discloses the proforma asset retirement obligation during the ninemonths ended September 30, 2002, by segment, as if SFAS No. 143 had beeneffective in 2002.

Asset Retirement  Obligation atDecember 31, 2001

Obligation  recognized on  initialapplication

Obligation  recognized on assetsacquired

Accretion of  obligation  recognized  throughSeptember 30, 2002

Asset  Retirement  Obligation atSeptember 30, 2002

(Thousands)

Cleco Power........... 

$     286

$           -

$          -

$         16

$     302

Midstream.............. 

            -

             -

            -

           -

           -

     Total...................  

$     286

$           -

$          -

$         16

$     302

=====

=====

=====

=====

=====

          Thetable below discloses the changes to the asset retirement obligation, bysegment, during the nine months ended September 30, 2003.

Asset  Retirement  Obligation atDecember 31, 2002

Obligation  recognized on  initialapplication

Obligation  recognized  on assetsacquired

Accretion of  obligation  recognized  through  September 30, 2003

Asset  Retirement  Obligation atSeptember 30, 2003

(Thousands)

Cleco Power............ 

$        -

$       301

$         -

$         17

$      318

Midstream............... 

          -

             -

           -

             -

           -

     Total....................  

$        -

$       301

$         -

$         17

$     318

=====

=====

=====

=====

=====

**Note 8 - Accrual for ElectricCustomer Credits**

          Cleco'sreported earnings for the nine months ended September 30, 2003, reflect a $1.6 million accrual within Cleco Power for estimated electric customer creditsthat are expected to be required under terms of an earnings review settlementreached with the LPSC in 1996.  The 1996 LPSC settlement, and asubsequent amendment, set Cleco Power's rates until September 30, 2004.  As part of the settlement, Cleco Power is allowed to retain all regulatedearnings up to a 12.25% return on equity and to share equally with customers ascredits on their bills all regulated earnings between 12.25% and 13.00% returnon equity.  All regulated earnings above a 13.00% return on equityare credited to customers.  The amount of credits due customers, ifany, is determined by the LPSC annually based on results for each 12-monthperiod ended September 30.  The settlement provides for such creditsto be made on customers' bills the following summer.  The LPSC'spreliminary report for the cycle ended September 30, 2001, required a $0.6million refund, which was credited to customers' bills in September2002.  Cleco anticipates receiving the final report for the cycleended September 30, 2001, in the first quarter of 2004.  The LPSC hasnot yet issued its preliminary report for the cycle ended September 30, 2002, and Cleco has not yet made its filing for the cycle ended September 30, 2003.  Management is unable to predict what Cleco Power's allowed return onequity will be after September 30, 2004.

          ClecoPower's Unaudited Balance Sheets, under the line item other deferred credits,reflect a $5.0 million accrual for estimated electric customer credits relatedto the 12-month cycles ended September 30, 2001, 2002, and2003.  These amounts were recorded as a reduction in revenue due tothe nature of the customer credits.  The accrual is based upon theoriginal 1996 settlement, the resolution of annual issues as agreed betweenCleco and the LPSC, and Cleco's assessment of issues that remain outstanding.

**Note 9 - Restructuring Charge**

          DuringSeptember 2002, Cleco announced a company-wide organizationalrestructuring.  During the fourth quarter of 2002, 123 employeesaccepted severance, and 37 employees accepted an early retirementpackage.  The majority of these employees left during the fourthquarter of 2002.

43

          Thefollowing table shows the type of charges incurred, the amounts paid, thedecrease in the amount originally recorded as a restructuring charge and theremaining balance in the associated liability accounts, where appropriate, thatis still to be paid as of September 30, 2003, for Cleco Corporation.

Category of cost

Originally  expensed in2002

Paid  throughSeptember 30, 2003

Change  in originalexpense

Liability  remaining

(Thousands)

Cash items

   Severance  and other employee payouts,         including associated payroll taxes.......................  

$   6,509  

$ 5,788  

$   (486) 

$     235  

   Lease  termination payments.................................... 

592  

      182  

-  

410  

   Other............................................................................  

          43  

       43  

           -  

           -  

         Total  cash items................................................... 

     7,144  

  6,013  

     (486) 

      645  

Noncash items

   Special  termination benefits..................................... 

2,736  

   Write-off  of leasehold improvements..................... 

        284  

 

 

 

         Total  noncash items............................................ 

     3,020  

 

 

 

            Total....................................................................  

$ 10,164  

$ 6,013  

$   (486) 

$      645  

=====  

=====  

=====  

=====  

          Thefollowing table shows the type of charges incurred, the amounts paid, thedecrease in the amount originally recorded as a restructuring charge and theremaining balance in the associated liability accounts, where appropriate, thatis still to be paid as of September 30, 2003, for Cleco Power.

Category of cost

Originally  expensed in2002

Paid  throughSeptember 30, 2003

Change  in originalexpense

Liability  remaining

(Thousands)

Cash items

   Severance  and other employee payouts,         including associated payroll taxes......................  

$  4,150  

$  3,930  

$     (129) 

$     91  

   Share  of affiliate severance payouts...................... 

    1,314  

    1,235  

         (79) 

          -  

         Total  cash items.................................................. 

    5,464  

    5,165  

       (208) 

       91  

Noncash items

   Special  termination benefits.................................... 

2,368  

   Write-off  of leasehold improvements.................... 

       267  

 

 

 

         Total  noncash items........................................... 

    2,635  

 

 

 

            Total...................................................................  

$  8,099  

$  5,165  

$   (208) 

$     91  

=====  

=====  

=====  

=====  

          The amount recordedfor the nine months ended September 30, 2003, relating to the restructuringcharge is relatively small and is included in other operations expense on theRegistrants' income statements.  No business segment or component ofa business segment qualified as a discontinued operation as a result of thisrestructuring.

**Note 10 - Accounting for Stock-Based Compensation - Transition andDisclosure**

          Inconnection with incentive compensation plans in effect during the nine-monthperiod ended September 30, 2003, certain officers and key employees of ClecoCorporation were awarded shares of restricted Cleco Corporation commonstock.  The cost of the restricted stock awards, as measured by themarket value of the common stock at the time of the grant, is recorded ascompensation expense during the periods in which the restrictions lapse.  Asof September 30, 2003, the number of shares of restricted stock previouslygranted for which restrictions had not lapsed totaled 364,847 shares.

          ClecoCorporation records no charge to expense with respect to the granting ofoptions at fair market value or above to employees ordirectors.  Options may be granted to certain officers, keyemployees, or directors of Cleco Corporation or itssubsidiaries.  During 2003, Cleco Corporation granted optionsexercisable for 41,250 shares of common stock to re-elected directors and grantedoptions exercisable for 13,550 shares of common stock to keyemployees.  The directors' options have an exercise priceapproximately equal to the fair market value of the stock at grant date, areimmediately exercisable, and expire after ten years.  The employees'options have an exercise price approximately equal to the fair market value ofthe stock at grant date, vest one-third each year, beginning on the thirdanniversary of the grant date, and expire after ten years.  Inaccordance with APB No. 25, no compensation expense for stock options grantedhas been recognized.

44

          At September 30, 2003, Cleco Corporation had two stock-based compensation plans:  theLTICP and the ESPP.  APB No. 25 and related interpretations areapplied in accounting for Cleco Corporation's plans.  Accordingly, nocompensation cost has been recognized for stock options issued pursuant to theLTICP and stock issued under the ESPP.  Compensation cost has beenrecognized for restricted stock issued pursuant to Cleco Corporation'slong-term incentive plan.  For the three months ended September 30, 2003, $1.0 million in expense was recognized, while $1.7 million in expensewas recognized during the same period in 2002.  For the nine monthsended September 30, 2003, $0.6 million in expense was recognized, while $4.2million in expense was recognized during the same period in2002.  Had the compensation expense for Cleco Corporation'sstock-based compensation plans been determined consistent with SFASNo. 123, net income and net income per common share would approximate theproforma amounts below:

For the three  months ended September 30,

**2003**

2002

(Thousands)

**AsReported**

**ProForma**

AsReported

ProForma

SFAS No. 123  expense.............................................. 

**$            - **

**$      166 **

$           - 

$      191  

Estimated reduction in  income tax for     SFAS No. 123 expense...........................................  

**       - **

**$      (65)**

         - 

$      (67) 

Net income applicable  to common stock................ 

**$ 23,342 **

**$ 23,241 **

$ 36,392  

$ 36,268  

Basic net income per  common share....................... 

**$     0.49  **

**$     0.49 **

$     0.77  

$     0.77  

Diluted net income per  common share.................... 

**$     0.48  **

**$     0.48 **

$     0.74  

$     0.74  

  For the nine months  ended September 30,

**2003**

2002

(Thousands)

**AsReported**

**ProForma**

AsReported

ProForma

SFAS No. 123 expense..............................................  

**$            - **

**$       434 **

$            - 

$     575  

Estimated reduction in  income tax for     SFAS No. 123 expense...........................................  

**       - **

**$      (179)**

         - 

$     (204)

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

**$ (26,180)**

**$ (26,435)**

$ 67,290  

$ 66,919 

Basic net income (loss)  per common share............ 

**$     (0.56)**

**$     (0.56)**

$     1.46  

$     1.45 

Diluted net income  (loss) per common share......... 

**$     (0.56)**

**$     (0.56)**

$     1.41  

$     1.41 

The assumptions used to calculate the additional compensation expense are asfollows:

For the nine  months ended September 30,

 
**2003**

2002

Expected term (in years)................................................................  

**5.25      **

5.66     

Volatility..........................................................................................  

**30.39 % **

28.00 % 

Expected dividend yield................................................................  

**5.54 % **

3.95 % 

Risk-free interest rate....................................................................  

**1.76 % **

3.71 % 

Weighted average fair value (Black-Scholes value).................  

**$  1.81      **

$  4.13      

          Theeffects of applying SFAS No. 123 in this proforma 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.

**Note 11 - Securities Litigation and Other Commitments and Contingencies**

          OnNovember 22, 2002, a lawsuit was filed in the Ninth Judicial District Court,Rapides Parish, State of Louisiana, on behalf of a class ofpersons or entities who purchased Cleco Corporation's common stock during aspecified period of time, hereinafter referenced as the ClassPeriod.  Cleco Corporation refers tothis lawsuit as the Securities Litigation.  In the SecuritiesLitigation, the plaintiff alleges that Cleco Corporation issued a number of materially false and misleadingstatements during the Class Period, among other purposes, in order to cause theprice of Cleco Corporation's stock to riseartificially.  The 

45

plaintiff alleges that, during theClass Period, Cleco Corporation failed todisclose the existence of the round-trip trades that Cleco Corporation disclosed in its Quarterly Report on Form 10-Q for the quarterlyperiod ended September 30, 2002.  The plaintiff also alleges thatCleco Corporation's financial information wasnot prepared in conformity with accounting principles generally accepted in theUnited States of America during the Class Period.  The defendants removedthe lawsuit to the United States District Court for the Western District ofLouisiana.  In May 2003, the lawsuit was dismissed without prejudice,allowing the plaintiff to re-file the lawsuit subject to certain stipulations andrestrictions.  As of the date of this Report, the plaintiff has notre-filed the lawsuit.  Based on information currently available tomanagement, Cleco Corporation does not believe the Securities Litigation willhave a material adverse effect on Cleco'sfinancial condition or results of operations.

          On April 18, 2003, a Shareholder'sDerivative Complaint was filed by a shareholder of Westar, in the United StatesDistrict Court for the District of Kansas.  The defendants named inthe complaint are Westar, its Board of Directors, its former Chief ExecutiveOfficer, 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 have not changed substantively.  Managementis unable to estimate the impact on Cleco's financial condition or results ofoperations.

          On July 24, 2003, a petition was filed in the 27th Judicial District Court, Parish of St.Landry, by several Cleco Power customers.  The named defendants areCleco Corporation, Cleco Power, Midstream, Marketing & Trading, Evangeline, Acadia, and Westar.  The plaintiffs are seeking class action statuson behalf of all Cleco Power's retail customers, and their petition centersaround Cleco's trading activities first disclosed by Cleco in November2002.  The plaintiffs allege, among other things, that thedefendants' conduct was in violation of Louisiana antitrustlaw.  They seek treble damages, restitution, injunctive and otherrelief.  The suit, which is in its formative stages, has been stayedby agreement of all parties until the time that any party requests the court totake up and rule upon the motion filed by the LPSC staff to stay the case.  Accordingly,management is unable to estimate the impact on the Registrants' financialcondition or results of operations.

          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 substantial amounts.  Inseveral lawsuits, Cleco has been named as a defendant by individuals who claiminjury due to exposure to asbestos while working at sites in central Louisiana.  Mostof the claimants were workers who participated in the construction of variousindustrial facilities, including power plants, and some of the claimants haveworked at locations owned by Cleco.  Cleco's management regularlyanalyzes current information and, as necessary, provides accruals for probableliabilities on the eventual disposition of these matters.  Cleco'smanagement believes that the disposition of these matters will not have amaterial adverse effect on the Registrants' financial condition, results ofoperations, or cash flow.

          Forinformation regarding off-balance sheet commitments, see "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Financial Condition - Off-Balance Sheet Commitments."  Forinformation regarding an additional contingency, see Note 5 - "Review ofTrading Activities."  For information on the fuel audit, see"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition -Regulatory Matters-Fuel Audit."

          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 12 - Disclosures about Guarantees**

          Cleco Corporation and Cleco Power have agreed to contractual termsthat require them to pay amounts to third parties upon the occurrence of certaintriggering events.  These contractual terms are generally defined as guaranteesin FIN 45.  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 disclosure scope of FIN45 are required to be disclosed for all accounting periods ending after December15, 2002.  Generally, Cleco's guarantees are not required to be recorded on thebalance sheet; however, Cleco Power does have one guarantee recorded on itsbalance sheet, as described in the following paragraph

46.

          ClecoPower entered into a new pension plan trustee agreement on June 30, 2003, in conjunction with a change of pension plan trustees.  A provision of thenew pension plan trustee agreement requires Cleco Power to indemnify the newtrustee for any damages it has to pay due to past actions of priortrustees.  The indemnification does not contain a specific maximumpayment amount; however, management has estimated that the probable futurepayments under this guarantee are immaterial.

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

          As a part of thesale of UTS, Cleco agreed to indemnify the purchaser for losses resulting fromcertain breaches.  Theindemnity expired on April 1, 2003.

          ClecoCorporation issued several guarantees on behalf of Acadia.  Oneguarantee was issued to Aquila Energy, one of Acadia's initial tolling counterparties.  Thisguarantee was extinguished in May 2003 when the tolling agreement with AquilaEnergy was terminated, and a subsidiary of Calpine entered into a new tollingagreement without requiring a guarantee from Cleco.  The otherguarantee was issued to Acadia's constructioncontractor.  If Acadia cannot pay the contractor who built its plant,Cleco Corporation is obligated to pay 50% of the current contractor's amountoutstanding.  At September 30, 2003, Cleco Corporation's 50% portionof the current contractor's amount outstanding was approximately $0.4million.  Acadia began commercial operation during the third quarterof 2002, and this guarantee will terminate upon full payment of the Acadia constructioncontract.

          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 "Management's Discussion andAnalysis of Financial Condition and Results of Operations - Financial Condition- Off-Balance Sheet Commitments."

          As part of alignite mining agreement entered into in 2001, Cleco Power and SWEPCO haveagreed to pay the lignite miner's loan and lease principal obligations when dueif the lignite miner does not have sufficient funds or credit topay.  Any amounts paid on behalf of the miner would be credited bythe lignite miner against the next invoice for lignite delivered.  At September 30, 2003, Cleco Power's 50% exposure was approximately $27.5million.  The lignite mining contract is in place until 2011.

**Note 13 - Debt**

****          ClecoCorporation replaced its previous $225.0 million credit facility with a newfacility on May 7, 2003.  The new facility is a $105.0 million,364-day facility, which provides that borrowings outstanding on the maturitydate may be converted into a nine month term loan.  This facilityprovides support for the issuance of commercial paper and working capital andother needs.  The borrowing cost under the new facility is equal toLIBOR plus 1.625% which includes facility fees.  At September 30, 2003, $50.0 million was outstanding under the facility.  If ClecoPower or Midstream defaults under their respective facilities, then ClecoCorporation would be considered in default under thisfacility.  Off-balance sheet commitments will reduce the amount ofcredit available to Cleco Corporation under this facility by an amount equal tothe stated or determinable amount of the primary obligation of suchcommitments.  Perryville's default on the Senior Loan Agreement,which is discussed further in Note 15 - "Perryville," is not considered adefault under this new credit facility.

          Cleco Powerreplaced its previous $107.0 million credit facility with a new facility on May 7, 2003.  The new facility is an $80.0 million, 364-day facility, whichprovides that borrowings outstanding on the maturity date may be converted intoa nine month term loan.  This facility willprovide support for the issuance of commercial paper and working capital andother needs.  The borrowing cost under the new facility is equal toLIBOR plus 1.25% which includes facility fees.  AtSeptember 30, 2003, there were no borrowings under the facility.

          On April 28, 2003, ClecoCorporation issued $100.0 million aggregate principal amount of its senior unsecurednotes at an interest rate of 7.0%.  The notes mature on May 1, 2008.  The netproceeds from the notes offering were used to repay outstanding borrowingsunder Cleco Corporation's revolving credit facility.  The notes wereissued pursuant to Cleco Corporation's debt shelf registration statement(Registration No. 333-33098).  No additional debt securities may beoffered and sold under this shelf registration statement.

47

          OnApril 28, 2003,Cleco Power issued $75.0 million aggregate principal amount of its seniorunsecured notes at an interest rate of 5.375%.  The notes mature on May 1, 2013.  The netproceeds from the notes offering were used to repay outstanding borrowingsunder Cleco Power's revolving credit facility.  The notes were issuedpursuant to Cleco Power's debt shelf registration statement (Registration No.333-52540).  Cleco Power has issued a total of $150.0 million inaggregate principal amount of debt securities pursuant to the shelfregistration statement, leaving $50.0 million available for future issuance.

          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.  Inaddition, on October 6, 2003, Cleco Power filed a shelf registration statement(Registration No. 333-109507) providing for the issuance of up to $150.0million of debt securities.  These shelf registration statements havenot yet been declared effective by the SEC.

**Note 14 - Income Taxes**

          Cleco and itssubsidiaries, other than Cleco Power, record current and deferred federal andstate income taxes at a composite rate of 38.5%.  Cleco Power recordscurrent and deferred federal income taxes at the statutory rate of 35.0% andrecords current state income tax expense at 3.0%.  Cleco Powerrecords temporary differences between book and tax income under theflow-through method of accounting for state purposes as required by LPSCguidelines.

          Under normaloperations, Cleco reflects net income before taxes and related income taxexpense.  In general, the effective income tax rate is lower than thecombined statutory rate because of favorable permanent differences between bookand tax income.  Cleco generated a net loss in the current year withfavorable permanent differences between book and tax income.  As aresult, Cleco has a favorable income tax benefit.  Cleco's effectiveincome tax rate for the nine months ended September 30, increasedfrom 35.5% in 2002 to 41.2% in 2003,providing a net tax benefit of $17.4 million.  The net increasein the effective income tax rate was attributable to several factors:  (1)a loss recognized by Perryville as a result of a $134.8 million impairmentcharge recorded in the second quarter of 2003; (2) Cleco Power's state netoperating loss carryforward decreased state income tax expense by approximately$1.9 million as computed using the flow-through method of accounting; and (3) afavorable flow-through difference between book and tax income of approximately$0.8 million was created by Cleco Power's AFUDC equity.  Forinformation on the impairment charge, see Note 15 - "Perryville."

**Note 15 - Perryville**

*****Background*

****          Perryvilleowns and operates a 725-MW natural gas-fired power plant near Perryville, Louisiana.  ThePerryville facility consists of approximately 565 MW of combined-cycle capacityand approximately 160 MW of peaking capacity.  In July 2001,Perryville entered into the Perryville Tolling Agreement, a 20-year capacityand energy agreement for Perryville's entire capacity with MAEM, a subsidiaryof Mirant.  Under the terms of the Perryville Tolling Agreement, MAEMhad the rights to supply natural gas to fuel the Perryville facility and was exclusivelyentitled to all the capacity and energy output from the facility.  Perryvillewas obligated to provide energy conversion services, within specified performanceparameters, when requested by MAEM.  The agreement required MAEM topay Perryville various capacity reservation and fixed operations andmaintenance fees, the amounts of which depended upon the type of capacity andultimate performance achieved by the facility.  In addition to thecapacity reservation and fixed operating and maintenance payments from MAEM,Perryville was entitled to collect and MAEM was obligated to pay amountsassociated with variable operating and maintenance expenses based on MAEM'sdispatch of the facility.  Mirant and MAI provided limited guaranteeswhich supported MAEM's obligations under the Perryville Tolling Agreement.

*Mirant Bankruptcy* 

          On July 14, 2003, Mirant, MAEM, MAI and certain other Mirant subsidiaries filedfor protection under Chapter 11 of the U.S. Bankruptcy Code in the UnitedStates Bankruptcy Court for the Northern District of Texas.  Underthe terms of the Perryville Tolling Agreement, Perryville invoiced MAEM for$4.5 million of tolling revenue and $1.8 million of long-term service agreementreimbursement for June tolling services.  Perryville recorded areserve for uncollectible accounts of $6.3 million at June 30, 2003 and a $2.3 million reserve at September 30, 2003, as a result of MAEM's failure toremit pre-petition amounts that were due on July 21, 2003 and August 21, 2003, respectively.  Perryville invoicedMAEM for $5.0 and $2.0 million of tolling revenue for August and September post-petitiontolling services, respectively, prior to MAEM's rejection of

48

 the Perryville Tolling Agreementas referred to below.  Perryville recorded a reserve foruncollectible accounts of $5.3 million at September 30, 2003, for aportion of August and September activity.  These charges,collectively $13.9 million, are included in the "Operating Expenses" section ofthe Unaudited Consolidated Statements of Income.

*Rejection of the Perryville Tolling Agreement*

          On August 29, 2003, MAEM and its related debtors(collectively, the "Debtors") filed and served upon Perryville a motionpursuant to which the Debtors moved under Bankruptcy Code Section 365 to rejectthe Perryville Tolling Agreement.  MAEM asserts that pursuant totheir motion, the rejection of the Perryville Tolling Agreement was effectiveon September 15, 2003.  Upon the rejection of the Perryville TollingAgreement, MAEM relinquished the rights to exclusively dispatch the facility'scapacity and energy.  Moreover, MAEM is no longer financiallyresponsible for the recurring payments pursuant to the Perryville TollingAgreement subsequent to September 15, 2003, although, asdiscussed below, Perryville intends to assert damage claims in the bankruptcyprocess against MAEM, Mirant and MAI as a result of the rejection of thePerryville Tolling Agreement.

*Perryville's Senior Loan Agreement*

          Thebankruptcy filing by Mirant and certain of its subsidiaries has resulted in anevent of default under Perryville's Senior Loan Agreement.  Thisevent of default gives the lenders holding in aggregate at least 66-2/3% of theoutstanding senior loan the right, but not the obligation, to declare anyoutstanding principal and interest immediately due and payable, which at September 30, 2003 was $134.4 million.  Accordingly, Perryville's Senior LoanAgreement debt is considered short-term and is classified in the current liabilitiessection of the balance sheet.  As required under the Senior LoanAgreement, Perryville gave timely notice of the event of default to KBC, theagent bank.  Remedies available to the lenders during the existenceof an event of default include foreclosure on PEH's membership interest in Perryvilleas well as on Perryville's assets, including without limitation, cash in anyrestricted accounts related to the Senior Loan Agreement.  If thelenders foreclose they would own any rights to damages from MAEM for breachof the Perryville Tolling Agreement.  Foreclosure by the lenders mayresult in an additional loss of PEH's equity in Perryville, which at September 30, 2003, was approximately $5.1 million.  If thelenders were to call this debt, Perryville might, among other things,renegotiate the loan, refinance the loan, pay off the loan with otherborrowings or the proceeds of issuances of additional debt, or seek protectionunder federal bankruptcy laws.  Whilemanagement has been in discussions with KBC and the lenders to address theconsequences of such default, management is unable to predict any subsequentaction that KBC or the lenders may take under the Senior LoanAgreement.  However, since Perryville's Senior Loan Agreement isnonrecourse to Cleco Corporation (other than (i) a guarantee of the currentyear's debt service requirement, which at September 30, 2003 was $7.3 millionand (ii) a possible conditional guarantee described below in "- Perryville's SubordinatedLoan Agreement), this default should have no impact on any other creditfacility or financing arrangement of Cleco Corporation or its othersubsidiaries.

*Perryville's Subordinated Loan Agreement*

**          Asa result of Mirant's bankruptcy and MAEM's failure to make payments under thePerryville Tolling Agreement, all obligations of Perryville to make principaland interest payments under the Subordinated LoanAgreement, as well as the accrual of additional interest, aresuspended.  At September 30, 2003, the principal balance of the Subordinated Loan Agreementwas $98.7 million.

**          Perryville intendsto assert damage claims against MAEM due to the rejection of the PerryvilleTolling Agreement and against Mirant and MAI under their respective limitedguarantees.  To the extent there are future obligations of Perryvilleto MAI under the Subordinated Loan Agreement, Perryville may, but is notrequired to, elect to exercise a right of set off of any amounts due under theSubordinated Loan Agreement against Perryville's damage claims againstMAI.  MAI has waived any such right of set off.  Ifobligations are owed under the Subordinated Loan Agreement, exercising a rightof set off could materially increase Perryville's net recovery againstMAI.  Pursuant to the Senior Loan Agreement, in connection withPerryville exercising a right of set off and receiving cash distributions,Perryville would be obligated to prepay its obligations under the Senior LoanAgreement in an amount equal to the present value of all recoveriesthat otherwise would be payable to Perryville by Mirant with respect to theamount of set off under any plans of bankruptcy proceedings forMirant or scheduled distributions to creditors involving Mirant were the rightof set off not invoked.  Insuch event and prior to receiving cash distributions, Perryville would also be requiredto cause Cleco Corporation to provide credit support in the form of a guarantee ofPerryville's prepayment obligation in an amount equal to 50% of the amount to be setoff,not to exceed $50.0 million.  This credit support must be provided inthe form of a letter of credit if Cleco Corporation does not have or maintainan investment 

49

grade credit rating while the obligation isoutstanding.  Failure by Cleco Corporation to provide the creditsupport could trigger a power of attorney empowering the lenders to waivePerryville's right of set off.  To the extent Perryville waives itsright of set off and set off is nevertheless effectuated, despite Perryville'sand MAI's waiver of their rights of set off, Perryville is required to prepayto its lenders under the Senior Loan Agreement anamount equal to 25% of any amount set off.

*Possible**Sale**of Perryville*

          In May 2003,Perryville signed a letter of intent to sell the Perryville assets to anEntergy subsidiary.  The letter of intent expired pursuant to itsterms on August 15, 2003.  However, Entergy and Perryville continueto discuss and negotiate the possible sale of these assets on mutuallyacceptable terms.

*Facility Operation Subsequent to the Rejection of the Perryville TollingAgreement*

          On September 23, 2003, Perryville signed an agreement with an energy management company todeliver natural gas and market the power from the Perryvillefacility into the wholesale market.  This agreement was amended on October 23, 2003, to provide for a 30-day extension of energy managementservices.  Proceeds realized from these sales will be used to payoperating expenses and pay debt service requirements associated with the SeniorLoan Agreement.  There are no assurances that these proceeds would beable to satisfy the operating expenses of Perryville or the debt service requirementsunder the Senior Loan Agreement.  Perryville also is pursuing otherpower sale alternatives such as a short-term tolling agreement and is targetingphysical consumers such as electric cooperatives, utilities, andmunicipalities.

*Impairment of Long-Lived Assets*

          Prior to the July14, 2003 filing by Mirant and certain of its subsidiaries, including MAEM, for voluntaryprotection under Chapter 11 of the U.S. Bankruptcy Code, the carrying value ofthe Perryville facility was compared to its undiscounted, probability-weighted,future cash flows, due to the occurrence of a triggering event as required bySFAS No. 144.  That calculation, pursuant to SFAS No. 144,corresponded largely to the future cash flows expected to be received under thePerryville Tolling Agreement.  Due to Mirant's bankruptcy filing andthe subsequent events surrounding that bankruptcy which are discussed above inthis note, the probability weighting of future cash flows under possiblescenarios, as required by SFAS No. 144, changed significantly.  As aresult of the change in probability weighting of Perryville's undiscountedfuture cash flows, management believed the carrying value of Perryville's long-livedassets was impaired; therefore, the carrying value of these assets was reducedto fair value.  At June 30, 2003, the difference between Perryville'scarrying value and its fair value as determined by current market indicators oftransactions between willing buyers and sellers resulted in an impairmentcharge of $134.8 million ($82.9 million after tax) in the second quarter of2003.  This charge is presented in a separate line item in the "OperatingExpenses" section of the Unaudited Consolidated Statements of Income.  At September 30, 2003, Perryville's undiscounted, probability-weighted future cashflows exceeded its carrying value; therefore, no additional impairment wasrecorded in the third quarter of 2003.  However, depending on theoutcome of Perryville'sefforts to sell the facility, applicable accounting rules could require Perryvilleto reduce the carrying value of the facility and recognize an additionalimpairment charge.  Also, future earnings could be realized ifPerryville recovers damages through the Mirant bankruptcy process arising from MAEM'srejection of the Perryville Tolling Agreement.

**Note 16 - FERC Settlement**

          On July 25, 2003, the FERC issued an order approving a Consent Agreement between the FERCStaff and Cleco that settled the FERC's non-public investigation that commencedafter Cleco's disclosure in November 2002 of certain energy marketing andtrading practices.  By its terms, the Consent Agreement was effectiveon August 24, 2003 (the Effective Date).  As a part of thesettlement, Cleco agreed to the following penalties and remedies.
-  

Revocation of Marketing & Trading's market-based rate  authority occurred as of the Effective Date, except for minimal market-based  sales to meet existing contractual obligations which will expire or otherwise  be terminated on or before December 31, 2003.  Marketing &  Trading may reapply to the FERC for market-based rate authority on the earlier  of December 31, 2004, or one year from the cessation of market-based rate  sales.
-  

Refunds of $2.0 million by Marketing & Trading and  $0.1 million by Evangeline, for profits obtained through various affiliate  energy marketing and trading transactions between 1999 and 2002, to Cleco  Power within 30 days of the Effective Date.

50
-  

Payment of a $0.8 million civil penalty to the FERC within  30 days of the Effective Date.
-  

Agency agreements for wholesale power or transmission  services between Cleco's public utility subsidiaries (Cleco Power, Marketing  & Trading, Evangeline, Acadia, and Perryville) may not exist after the  Effective Date without the FERC's prior authorization.
-  

A separation of Cleco Power's trading floors in order to  separate employees engaged in native load sales functions from those engaged  in wholesale energy management functions within 60 days of the Effective  Date.
-  

A filing by Cleco's public utility subsidiaries to the FERC  of revised codes of conduct, as contained in the Consent Agreement, within 30  days of the Effective Date.  The codes of conduct impose more  stringent control on affiliate transactions.
-  

Implementation of an internal control compliance plan for the  FERC regulatory compliance for Cleco's public utility subsidiaries, as  contained in the Consent Agreement, according to various time deadlines  specified in the compliance plan will be required.  The compliance  plan has a three-year term, beginning with the Effective Date, and requires  periodic reporting to the FERC Staff regarding the implementation of, and  continued compliance with, the plan.

          Clecohas substantially completed theitems that were stipulated in the FERC Consent Agreement andrequired to be complied with to date.  On October 23, 2003, theFERC granted an extension of time to comply with paragraph 7 of the ConsentAgreement regarding the separation of Cleco Power's trading floors, as referredto above.  Additional requirements will be due on future dates andare expected to be satisfied based on the guidelines set forth in the ConsentAgreement.  On October 17, 2003, Marketing and Trading notified theFERC of its termination of all contractual obligations.  In addition,the civil penalty required to be paid to FERC and refunds to Cleco Power weremade during the third quarter of 2003.  Cleco Power will refundapproximately $1.2 million to customers through fuel cost adjustments over a 12-monthperiod which began in August 2003.  Cleco expects to work with theLPSC in the coming months to determine the appropriate regulatory treatment forany remaining funds.

51

**ITEM 2     MANAGEMENT'S DISCUSSION ANDANALYSIS OF FINANCIAL                    CONDITIONAND RESULTS OF OPERATIONS**

          The followingdiscussion and analysis should be read in combination with the Registrants'Combined Annual Report on Form 10-K for the year ended December 31, 2002, and ClecoCorporation's and Cleco Power's Unaudited Financial Statements contained inthis Report.  The information included therein is essential tounderstanding the following discussion and analysis.

***RESULTS OF OPERATIONS***

         Please read "Item 1Financial Statements - Cleco Corporation - Management's Discussion and Analysisof Results of Operations" and "Item 1 Financial Statements - Cleco Power LLC -Narrative Analysis of Results of Operations" of this Form 10-Q, whichdiscussions are incorporated herein by reference.

***FINANCIAL CONDITION***

**Liquidity and Capital Resources**

***Credit Ratings and Counterparties***

          Financing foroperational needs and construction requirements is dependent upon the cost andavailability of external funds from capital markets and financialinstitutions.  Access to funds is dependent upon factors such asgeneral economic conditions, regulatory authorizations and policies, Cleco's credit rating, the credit rating of Cleco's subsidiaries, the operations of projectsfunded and the credit ratings of project counterparties.  On March 24, 2003, Moody's downgraded the senior unsecured debt ratings of Cleco Corporationto Baa3 from Baa1, the senior secured debt ratings of Cleco Power to A3 fromA2, and the senior unsecured debt ratings of Cleco Power to Baa1 fromA3.  Moody's noted that the ratings outlook for Cleco Corporation isnegative and the ratings outlook for Cleco Power is stable.  In itspress release, Moody's stated that the downgrade reflected deterioration in thecredit quality of Cleco's unregulated power plants and the adverse underlyingmarket conditions for merchant generation in the SERC region.  Inaddition, Moody's stated that the stable outlook for Cleco Power reflected therelative strength of the utility, constructive regulatory relations, reasonableamounts of leverage and strong cash flows.  On March 26, 2003, Standard & Poor's Ratings Services affirmed its senior unsecured debt ratings ofCleco at BBB- and Cleco Power at BBB.  Both Cleco's and Cleco Power'ssenior unsecured debt ratings were taken off CreditWatch, but Standard &Poor's stated that the outlook for the ratings is negative due to continueduncertainties surrounding Cleco's unregulated merchant energyactivities.  On June 23, 2003, Moody's revised its outlook for theEvangeline senior secured bonds to positive fromnegative.  Currently, Moody's rates the Evangeline bonds B3.  Moody'sstated that this action reflected improvement in the credit quality ofEvangeline's tolling party guarantor, The Williams Companies,Inc.  Cleco notes that these credit ratings are not recommendationsto buy, sell or hold securities.  Each rating should be evaluatedindependently of any other rating.  If Cleco Corporation's or ClecoPower's credit ratings continue to be downgraded, Cleco Corporation or ClecoPower could be required to pay additional fees and higher interest rates underits bank credit and other debt agreements.

          The parentcompanies of Cleco's tolling counterparties are The Williams Companies andCalpine.  Williams and Calpine have issued guarantees of the paymentobligations of the respective tolling counterparties under the tollingagreements.  The credit ratings of these parent companies have beendowngraded below investment grade, and in some cases, placed on negative creditwatch for possible further downgrade by one or more rating agencies.  Failureby Williams and Calpine to perform under their respective tolling agreementscould adversely impact the Registrants' results of operations and financialcondition.

          Mirant and certainof its affiliates filed a voluntary petition for reorganization under Chapter11 of the U.S. Bankruptcy Code on July 14, 2003.  Thisbankruptcy has significant financial, operational, and business impacts onCleco, the most significant of which are related to the Perryville TollingAgreement, the Senior Loan Agreement at Perryville for which KBC acts as agent,and the Subordinated Loan Agreement.  On August 29, 2003, MAEM and its related debtors(collectively, the "Debtors") filed and served upon Perryville a motion pursuantto which the Debtors moved under Bankruptcy Code Section 365 to reject thePerryville Tolling Agreement.  MAEM asserts that pursuant to theirmotion, the rejection of the Perryville Tolling Agreement was effective on September 15, 2003.  Upon the rejection of thePerryville Tolling Agreement, MAEM relinquished the rights to the facility'scapacity and energy.  Moreover, MAEM will no longer be financiallyresponsible for the recurring payments pursuant to the Perryville TollingAgreement subsequent to September 15, 2003.  Perryville,subsequent to the rejection of the Perryville Tolling Agreement, contractedwith an energy management company to deliver natural gas and market the powerfrom the Perryville facility into the wholesale market.  Proceedsfrom these sales will be used to pay 

52

operatingexpenses and pay debt service requirements associated with the Senior LoanAgreement.  There are no assurances that these proceeds would be ableto satisfy the operating expenses of Perryville or the debt servicerequirements of the Senior Loan Agreement.  For information regarding the effects of Mirant'sbankruptcy, the rejection of the Perryville Tolling Agreement, and Perryville facilityoperation subsequent to the rejection of the Perryville Tolling Agreement, seeNote 15 - "Perryville" in the Notes to the Unaudited Financial Statements inthis Report and "- Debt - Midstream" below.

          Power and gastrading agreements entered into by Marketing & Trading provide thecounterparties with the right to request Cleco Corporation to furnish creditsupport if the counterparty assesses Cleco Corporation's creditworthiness asunsatisfactory.  Under these agreements, the counterparties canrequest credit support, but Cleco may opt to liquidate the transactions and payliquidating damages to the counterparties as applicable in accordance with theterms and conditions of the contracts.  As of September 30, 2003, Marketing & Trading had closed all forward trading positions; therefore,Cleco Corporation had no credit exposure to Marketing and Trading's power andgas trading counterparties.  With respect to any open power or gastrading positions that Cleco may maintain in the future, the amount ClecoCorporation is required to pay at any point in the future remains dependent onchanges in the market price of power and gas, the changes in the open power andgas positions, and changes in the amount counterparties owe ClecoCorporation.  Changes in any of these factors could cause the amountof requested credit support to increase or decrease.

***Other***

          Various agreementsto 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 September 30, 2003, $30.9 million of cash wasrestricted under the Evangeline senior secured bond indenture, $10.4 million ofcash was restricted at Perryville under the terms of the Senior Loan Agreement,and $1.8 million of APH's cash was restricted under the terms of the Midstreamcredit facility.

**Debt**

          At September 30, 2003 and December 31, 2002, $207.1 million and $315.3 million, respectively,of short-term debt was outstanding in the form of bank loans.  IfCleco Corporation were to default under covenants in its various creditfacilities, Cleco Corporation would be unable to borrow additional funds fromthe credit facilities.  If Cleco Corporation's credit rating asdetermined by outside rating agencies were to be downgraded, Cleco Corporationcould be required to pay additional fees and higher interest.  As aresult of the downgrades described above in "- Liquidity and CapitalResources," Cleco Corporation's interest rate increased by 0.20% and ClecoPower's increased by 0.10%.  At September 30, 2003, Cleco Corporation was in compliance with the covenants in its credit facilities.

          The following tableshows short-term debt by subsidiary:

Subsidiary

**At  September 30, 2003**

At  December 31, 2002

(Thousands)

Cleco Corporation (Holding Company Level)

** **

     Bank loans..............................................................................  

**$     50,000         **

$  171,550      

Cleco Power

** **

     Bank loans..............................................................................  

**-          **

107,000      

Midstream

** **

     Bank loans..............................................................................  

**     157,117          **

      36,750      

          Total....................................................................................  

**$   207,117          **

$  315,300      

=======        

=======     

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

          Short-termdebt decreased at Cleco Corporation by $121.6 million at September 30, 2003, compared to December 31, 2002, primarily due to the issuance of $100.0 millionof long-term notes on April 28, 2003, as discussed below.  Arevolving credit facility for Cleco Corporation in the amount of $225.0million, which was scheduled to terminate on June 4, 2003, provided for an optional conversion to a one-year term loan.  Cleco Corporation'sborrowing cost under this facility was equal to LIBOR plus 1.25%, includingfacility fees.  Cleco Corporation replaced this credit facility witha new facility on May 7, 2003.  The new facility is a $105.0 million,364-day facility, which provides that borrowings outstanding on the maturitydate may be converted into a nine month termloan.  This facility provides support for the issuance of commercialpaper and working capital and other needs.  At September 30, 2003, Cleco Corporation's borrowing cost under this facility was equal to 

53

LIBOR plus 1.625%, including facility fees, and the weightedaverage cost of the borrowings was 2.94%.  If Cleco Power orMidstream defaults under their respective facilities, Cleco Corporation wouldbe considered in default under this facility.  Perryville's defaulton the Senior Loan Agreement, as described below under "- Midstream" and inNote 15 - "Perryville" in the Notes to the Unaudited Financial Statements inthis Report, is not considered a default under Cleco's creditfacility.  Off-balance sheet commitments entered into by Cleco withthird parties for certain types of transactions between those parties and Cleco's subsidiaries, other than Cleco Power, reducethe amount of credit available to Cleco Corporation under the facility by an amountequal to the stated or determinable amount of the primaryobligation.  At September 30, 2003, there was $50.0 million drawn onthe facility, leaving $55.0 million available.  The $55.0 million at September 30, 2003 was further reduced by off-balance sheet commitments of $22.7 million,leaving available capacity of $32.3 million.  Cash and cashequivalents available at September 30, 2003 were $18.2 million combined with $32.3million facility capacity for total liquidity of $50.5 million.  Cashand cash equivalents decreased $47.3 million, when compared to December 31, 2002, largely due to paydown of short-term bank loans, payoff of medium-termnote maturities, and payment of dividends.  Theseexpeditures were offset by the issuance of long-term debt and from adjusted netincome.  For more information about these commitments see "-Off-Balance Sheet Commitments."  The amount of off-balance sheetcommitments and other indebtedness incurred by Cleco Corporation and reductionof the available amount of the facility was $49.2 million at December 31, 2002.  An uncommitted line of credit with a bank in an amount up to$5.0 million also is available to support Cleco Corporation's working capitalneeds.

          Cleco Corporationprovides a guarantee to pay interest and principal under the Senior LoanAgreement and its interest in Perryville is collateral for the debt under theSenior Loan Agreement and the Subordinated Loan Agreement.  For moreinformation on these agreements, see "- Midstream" below and Note 15 -"Perryville" in the Notes to the Unaudited Financial Statements in this Report.

          On April 28, 2003, ClecoCorporation issued $100.0 million aggregate principal amount of its seniorunsecured notes at an interest rate of 7.0%.  The notes mature on May 1, 2008.  The netproceeds from the notes offering were used to repay outstanding borrowingsunder its revolving credit facility.  The notes were issued pursuantto Cleco Corporation's debt shelf registration statement (Registration No. 333-33098).  Noadditional debt securities may be offered and sold under this shelfregistration statement.

          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.

***Cleco Power***

******          Short-termdebt decreased at Cleco Power by $107.0 million at September 30, 2003, compared to December 31, 2002, primarily due to the issuance of $75.0 million of long-termsenior unsecured notes on April 28, 2003.  A revolving creditfacility for Cleco Power in the amount of $107.0 million, which was scheduled toterminate on June 4, 2003, provided for an optional conversion to a one-yearterm loan.  Cleco Power's borrowing cost under this facility wasequal to LIBOR plus 1.00%, including facility fees.  Cleco Powerreplaced this credit facility with a new facility on May 7, 2003.  The new facility is an $80.0 million, 364-day facility, which provides thatborrowings outstanding on the maturity date may be converted into a nine monthterm loan.  This facility provides support for the issuance ofcommercial paper and working capital and other needs.  At September 30, 2003, no amounts were outstanding under this facility and Cleco Power'sborrowing cost under this facility was equal to LIBOR plus 1.25%, includingfacility fees.  An uncommitted line of credit with a bank in anamount up to $5.0 million also is available to support Cleco Power's workingcapital needs.  Cash and cash equivalents available at September 30, 2003 were $48.4 million combined with $80.0 million facility capacity for atotal of $128.4 million.  Cash and cash equivalents decreased $20.8million, when compared to December 31, 2002, largely due to paydown ofshort-term bank loans, payoff of medium-term note maturities, and payment of dividends.  These expeditures were offset by the issuance of long-term debt and from adjusted netincome.

          OnApril 28, 2003,Cleco Power issued $75.0 million aggregate principal amount of its seniorunsecured notes at an interest rate of 5.375%.  The notes mature on May 1, 2013.  The netproceeds from the notes offering were used to repay outstanding borrowingsunder its revolving credit facility.  The notes were issued pursuantto Cleco Power's debt shelf registration statement (Registration No.333-52540).  Cleco Power has issued a total of $150.0 million inaggregate principal amount of debt securities pursuant to the shelfregistration statement, leaving $50.0 million of availability for futureissuance.

******          October 6, 2003, Cleco Power filed a shelf registration statement (Registration No.333-109507) providing for the issuance of up to $150.0 million of debtsecurities.  This shelf registration statement has not yet been declaredeffective by the SEC.

******54

***Midstream***

****          Short-term debtincreased at Midstream by $120.4 million at September 30, 2003, compared to December 31, 2002, primarily due to the reclassification of the Perryvilledebt to short-term debt.  This increase was partially offset byquarterly paydown of debt on the Midstream credit facility.  Midstreamhas a $36.8 million credit facility that expires in March 2004.  Thefacility is used to support Midstream's generation activities, and outstandingbalances are guaranteed by Cleco Corporation on a subordinatedbasis.  Midstream's cost of borrowings under this facility is equalto LIBOR plus 3.00%, including commitment fees, and was 4.125% at September 30, 2003.  At September 30, 2003, the balance due on this creditfacility was $22.8 million.  This facility requires that net proceedsfrom any sale of the Perryville assets first must be applied to any outstandingborrowings under this credit facility.

          InAugust 2002, a portion of the Perryville Senior Loan Agreement was converted tothe Subordinated Loan Agreement in the amount of $100.0 million.  InOctober 2002, the remainder of the $151.9 million senior loan was terminatedand replaced with a five-year $145.8 million loan with a group of lenders ledby KBC acting as agent.  The interest rate on both loans resetsquarterly.  It is based on LIBOR plus a spread, and the rate at September 30, 2003, was 2.60%.  Thespread is 1.50% for the first two years and 1.65% for the following threeyears.  The loans provide for quarterly principal and interestpayments.  Cleco provides a guarantee to pay interest and principalunder the Senior Loan Agreement should Perryville be unable to pay its debtservice.  At September 30, 2003, the amount guaranteed was $7.3 million.  However,if Cleco Corporation's long-term senior unsecured debt is rated below "BBB-" byStandard & Poor's or "Baa3" by Moody's, Cleco Corporation will be requiredto post a letter of credit in the amount of $7.4 million.  In addition,Cleco Corporation may be required to provide additional credit support underthe Senior Loan Agreement under specified circumstances in connection withPerryville's exercise of certain set off rights as described in Note 15 -"Perryville" in the Notes to the Unaudited Financial Statements in thisReport.  Also,under the terms of the Senior Loan Agreement, specified amounts are required tobe maintained in restricted cash accounts for debt service payments, majormaintenance, and operating needs.  At September 30, 2003, there was $10.3 millionin these restricted cash accounts.  The Senior Loan Agreement iscollateralized by PEH's membership interest in Perryville.  TheSubordinated Loan Agreement also is collateralized by PEH's membership interestin Perryville, subordinate to claims under the Senior LoanAgreement.  The Senior Loan Agreement is scheduled to mature on October 1, 2007, and theSubordinated Loan Agreement is scheduled to mature on December 31, 2007.

          Thebankruptcy filing by Mirant and certain of its subsidiaries was an event ofdefault under Perryville's Senior Loan Agreement which gives the lendersholding in aggregate at least 66-2/3% of the outstanding senior loan the right,but not the obligation, to declare any outstanding principal and interestimmediately due and payable.   As of September 30, 2003, the outstanding principal was $134.4 million.   Perryville'sSenior Loan Agreement is nonrecourse to Cleco Corporation (other than to theextent of the guarantee discussed above).   This default is not anevent of default under any other credit facility or financing arrangement ofCleco Corporation or its other subsidiaries.  Remedies available to the lendersduring the existence of an eventof default include foreclosure on the Perryville assets, PEH's membershipinterestin Perryville which was pledged ascollateral against the Senior Loan Agreement and/or cash in the restricted accountsrelating to the Senior Loan Agreement.  Foreclosure bythe lenders may result in an additional loss of Cleco's equity in Perryville,which at September 30, 2003, was approximately $5.1 million.  If the lenders wereto call this debt, Perryville might, among other things, renegotiate the loan,refinance the loan, pay off the loan with other borrowings or the proceeds ofissuances of additional debt, or seek protection underfederal bankruptcy laws.

          Asa result of Mirant's bankruptcy and MAEM's failure to make pre-petition 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, are suspended.  At September 30, 2003, theprincipal balance of the Subordinated Loan Agreement was $98.7 million.

          Managementis unable to predict subsequent action by KBC or the lenders under the SeniorLoan Agreement.  For additional information on Perryville's SeniorLoan Agreement, the Subordinated Loan Agreement, and effects of Mirant'sbankruptcy filing, see Note 15 - "Perryville" in the Notes to the UnauditedFinancial Statements in this Report."

          On August 29, 2003, MAEM and its affiliated debtors(collectively, the "Debtors") filed and served upon Perryville a motionpursuant to which the Debtors moved under Bankruptcy Code Section 365 to rejectthe Perryville Tolling Agreement.  MAEM asserts that pursuant totheir motion, the rejection of the Perryville Tolling Agreement was effective onSeptember 15, 2003.  For more information on the rejection of the tollingagreement, see Note 15 - "Perryville" in the Notes to the Unaudited FinancialStatements in this Report.

55

**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 (affiliates).  Cleco entered intothese off-balance sheet commitments in order to entice desired counterpartiesto contract with its affiliates by providing some measure of compensation tothe counterparty if its affiliates do not fulfill certain contractualobligations.  If Cleco had not provided the off-balance sheetcommitments, the desired counterparties may not have contracted with itsaffiliates, or may have contracted with them at terms less favorable to itsaffiliates.

          The off-balancesheet commitments are not recognized on Cleco Corporation's ConsolidatedBalance Sheets, because it has been determined that Cleco Corporation'saffiliates are able to perform these obligations under their contracts and thatit is not probable that payments by Cleco Corporation will berequired.  Some of these commitments reduce the amount of the creditfacility available to Cleco Corporation by an amount defined by the creditfacility.  The following table has a schedule of off-balance sheetcommitments grouped by subsidiary or affiliate on whose behalf each commitmentwas made.  The schedule shows the face amount of the commitment, anyreductions, the net amount, and reductions in Cleco Corporation's ability todraw on its credit facility at September 30, 2003.  Changes occurringsubsequent to September 30, 2003, and a discussion of the off-balance sheetcommitments are detailed in the explanations following thetable.  The discussion should be read in conjunction with the tableto convey the impact of the off-balance sheet commitments on Cleco Corporation'sfinancial condition.

 

At September 30,   2003

Subsidiaries/Affiliates

Face  amount

Reductions

Net amount

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

(Thousands)

Guarantees issued to:

      Acadia  Power Holdings LLC plant construction contractor

$        375 

$            - 

$        375 

$       375                  

      Perryville Energy Holdings LLC debt service  reserve

7,331 

- 

7,331 

7,331                  

      Midstream  Subordinated guarantee issued to bank

22,750 

- 

22,750 

-                  

     Marketing  & Trading and Cleco Energy

          Guarantees  issued to various energy counterparties

210,750 

99,000 

111,750 

-                  

Standby letter of credit  issued to:

   Evangeline  Tolling Agreement counterparty

15,000 

- 

15,000 

15,000                  

$ 256,206 

$ 99,000 

$ 157,206 

$  22,706                  

          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.  The guarantee for Perryville is no longer in effect since the tollingagreement has been terminated in connection with the Mirantbankruptcy.  This guarantee previously obligated Cleco Corporation tomake payments of up to $13.5 million if Perryville failed to perform certainobligations under its tolling agreement.  For additional informationon the Mirant bankruptcy, see Note 15 - "Perryville" in the Notes to theUnaudited Financial Statements in this Report.  Cleco Corporation waspreviously obligated under a guarantee to make payments of up to $12.5 millionto Aquila Energy if Acadia failed to perform certain obligations under thecorresponding tolling agreement.  This guarantee was extinguished inMay 2003 when the tolling agreement with Aquila Energy was terminated and asubsidiary of Calpine entered into a new tolling agreement without a guaranteefrom Cleco.

          If Acadia cannotpay the contractor who built its plant, Cleco Corporation will be required topay the current amount outstanding.  Cleco Corporation's obligationunder the Acadia arrangement is in the form of a guarantee and is limited to50% of the total for the contractor's current amount outstanding.  At September 30, 2003, Cleco Corporation's 50% portion of the contractor'scurrent amount outstanding was approximately $0.4 million.  Theguarantee on the Acadia construction contracts will cease upon full payment ofthose contracts.  Management expects Acadia to have the ability topay its contractor as scheduled and does not expect Cleco Corporation to pay onbehalf of Acadia.  However, under the covenants associated with ClecoCorporation's credit facility, the current monthly amount due to the Acadiacontractor reduces the amount Cleco Corporation can borrow under the creditfacility.

56

          IfPerryville is unable to make principal andinterest payments to its lenders under its Senior Loan Agreement, ClecoCorporation will be required to pay up to $7.3 million on behalf of Perryville under a guarantee issued in connectionwith the replacement of Perryville'sconstruction loan in the fourth quarter of 2002.  However, if ClecoCorporation's long-term senior unsecured debt is rated below "BBB-" by Standard &Poor's or "Baa3" by Moody's, Cleco Corporation will be required to post aletter of credit in the amount of $7.4 million.  For information onMirant's bankruptcy impact on the Senior Loan Agreement, see Note 15 - "Perryville"in the Notes to the Unaudited Financial Statements in this Report.

          When Midstreamentered into a $36.8 million credit facility, Cleco Corporation entered into asubordinated guarantee with the lender.  Under the terms of theguarantee, Cleco Corporation will pay principal and interest if Midstream isunable to pay.  At September 30, 2003, there was $22.8 millionoutstanding under the facility.  The subordinated guarantee does notreduce the amount Cleco can borrow under its credit facility, because it issubordinate to Cleco Corporation's other liabilities.

          Cleco Corporation has issued guarantees to Marketing &Trading's counterparties in order to facilitate energy trading and to ClecoEnergy's counterparties in order to facilitate energy operations.  Inconjunction with the guarantees issued, Marketing & Trading has receivedguarantees from certain counterparties and has entered into netting agreementswhereby Marketing & Trading is only exposed to the net open position witheach trading counterparty.  The guarantees issued and received expireat various times.  The balances of net guarantees for Marketing &Trading and Cleco Energy do not affect the amount Cleco Corporation can borrowunder its credit facility.  The total amount of guaranteed net openpositions with all of Marketing & Trading's and Cleco Energy'scounterparties over $20.0 million reduces the amount Cleco Corporation canborrow under its credit facility.  At September 30, 2003, the total guaranteednet open positions were $0.7 million, so the borrowing restriction in Cleco'scredit facility was not affected.  As counterparties and amountstraded change, corresponding changes will be made in the level of guaranteesissued by Cleco Corporation.  All of Marketing & Trading'sforward positions have been closed; therefore, Cleco Corporation's level ofguarantees will decrease as these guarantees are terminated.  Forinformation regarding Marketing & Trading's counterparties' right torequest Cleco Corporation to provide credit support in certain instances, see"- Financial Condition - Liquidity and Capital Resources."

          The following tablesummarizes the expected termination date of the guarantees and standby letterof credit for Cleco:

Amount of  Commitment Expiration Per Period

Commercial  commitments

Net amountcommitted

Less thanone year

1-3 years

4-5 years

Over5 years

(Thousands)

Guarantees.................................................  

$ 142,206   

$ 134,875        

$          -     

$  7,331     

$          - 

Standby letter of credit............................  

     15,000   

              -        

           -     

           -     

   15,000 

   Total commercial commitments...........  

$ 157,206   

$ 134,875        

$          -     

$  7,331     

$ 15,000 

======  

======       

=====    

=====    

===== 

          The capacityand energy contracts between Cleco Power and Williams Energy stipulate thatCleco Power must provide additional security in the event of certain ratingstriggers.  These triggers include: ratings downgrade below investmentgrade, negative credit watch for possible downgrade below investment grade,failure to make required payments, and failure to maintain a certaindebt-to-equity ratio.  The amount of the additional security requiredto be provided by Cleco Power to Williams Energy in the event of a ratingstrigger is $20.0 million under these contracts.  The contract betweenCleco Power and Dynegy stipulates that Cleco Corporation may be required toprovide additional security in the event of a ratings downgrade belowinvestment grade.  The amount of the additional security that ClecoCorporation could be required to provide to Dynegy is for the full amount ofCleco Power's obligations with respect to the capacity payments for theremainder of the contract.  At September 30, 2003, this amount was $7.8 million.  This obligation, however, may be affected orrevoked by virtue of the fact that Dynegy currently may be in default of itscontract obligation to provide additional security in the event of certaincredit ratings downgrades of Dynegy.

**Generation RFP**

          Cleco Power issueda RFP in May 2003 for up to 750 MWs of generation supply to replace existingpurchase power agreements that expire in 2004 and 2005.  Cleco Powerreceived facility specific asset sale and long-term purchase power proposals,from which a short-list of respondents was established in September2003.  Binding proposals were received October 15, 2003.  At the sametime, Cleco Power modified its existing RFP to request a shorter-term RFP forterms of two to four years.  These proposals were also received October 15, 2003.  ClecoPower is evaluating the binding proposals and anticipates the selection of thewinning bids by December 2003 or the first quarter of 2004.  The costof capacity and energy could increase or decreasefrom current levels based on the outcome of the RFP process.  Dependingon due diligence and contract negotiations, certificate applications with theLPSC could be filed during the first quarter of 2004.  The LPSC hasup to ninety days to act on the certificate applications.  ClecoPower cannot predict the outcome of any certificate filing nor whether approvalof such a filing would be opposed by potential intervening parties.

57

**Environmental Matters**

          Cleco is subject tofederal, state and local laws and regulations governing the protection of theenvironment.  Violations of these laws and regulations may result insubstantial fines and penalties.  Cleco has obtained all materialenvironmental permits necessary for its operations and believes it is insubstantial compliance with these permits, as well as all applicable environmentallaws and regulations.  Cleco anticipates that existing environmentalrules will not affect operations significantly, but some capital improvementsmay be required in response to new environmental programs expected in the nearfuture.

          Under Section 316(b) of the Clean Water Act, EPA is in the process of developing regulations togovern cooling water intake structures at existing power generation facilities.  Thesenew regulations are expected to be published by February 2004 and may requiresome capital improvement to several of Cleco's generation facilities.  UnderSection 112 of the Clean Air Act, EPA is required to develop the Mercury MACTregulations, which are expected to be proposed by December 31, 2003, and finalized by December 31, 2004.  The regulations may require new controls onmercury emissions and may require capital investments at two of Cleco'sgeneration facilities.  Cleco also continues to monitor potentialmulti-pollutant legislation including the President's Clear Skies Initiativewhich is pending in Congress.  The President's Clear Skies Initiativeproposes to cut power plant emissions of three air pollutants - nitrogenoxides, sulfur dioxide, and mercury - by 70% and improve air quality using aproven market-based approach.  The mercury control provisions in themulti-pollutant legislation may replace the Mercury MACT regulations underdevelopment by EPA.

          While it is unknownat this time what the final outcome of these new regulations and the proposed legislationwill be, any capital and operating costs of additional pollution controlequipment that may be required could materially adversely affect future resultsof operations, cash flows, and possibly financial condition unless such costscould be recovered through regulated rates.

          On October 14, 2003, Cleco was notified by the TCEQ of its identification of the San AngeloElectric Service Company facility which may constitute endangerment to publichealth and safety of the environment.  Based on the TCEQ'spreliminary investigation of this facility's historical records, Cleco has beenidentified as being associated with the site operations and as such is beingrequested to provide information concerning its relationship with thisfacility.  A written response to the TCEQ is due by November 14, 2003.  Since this investigation is in the preliminary stages,management is unable to determine what amount, if any, should be accrued forpossible remediation of the facility site.

**Regulatory Matters**

***Fuel Audit***

          In the second halfof 2002, the LPSC informed Cleco Power that it was planning to conduct aperiodic fuel audit.  The audit commenced in March 2003 and includesFuel Adjustment Clause filings for January 2001 through December 2002, althougha portion of the data requested for the audit relates to periods prior to the2001 and 2002 filings.  The audit, pursuant to the Fuel AdjustmentClause General Order issued November 6, 1997, in Docket No. U-21497, isrequired to be performed no less frequently than every other year; however,this is the first LPSC Fuel Adjustment Clause audit of ClecoPower.  LPSC-jurisdictional revenue recovered by Cleco Power throughits Fuel Adjustment Clause for the audit period of January 2001 through December2002 was $567.1 million.  Management is unable to predict the resultsof the LPSC fuel audit, which could require Cleco Power to refund thepreviously recovered revenue and could adversely impact the Registrants'results of operations and financial condition.  The LPSC Staff expectsto issue its findings and recommendations related to the fuel audit by thefirst quarter of 2004.

***Review of Trading Activities***

          During a review oftrading activities in the second half of 2002, Cleco identified simultaneousbuy and sell trades with the same counterparty for the same volumes at the sameprice, referred to as "round-trip trades," for both Cleco Power and Marketing& Trading.  The majority of Cleco Power's round-trip tradesinvolved service to a retail industrial customer.  Cleco Power wouldsell power to a third party, which then immediately would sell the same volumeof power at the same price as the purchase price back to Cleco Power which inturn would sell the power to its industrial customer or to others.  Afew of the trades classified as round-trip trades in 1999 included a smallprice difference between the buy and the sell.  Cleco Power hascontacted the FERC and the LPSC and discussed these and other transactions withboth agencies.  These discussions led to formal investigatoryproceedings with dockets being opened by the FERC and the LPSC, with whichCleco has cooperated.  These proceedings have entailed discoverymeasures by the agencies with jurisdiction over the referenced energy 

58

trading transactions and energy trading transactions ingeneral between Cleco's power marketer subsidiaries.  On July 25, 2003, the FERC issued its order approving a Consent Agreement between Cleco andthe FERC Staff which settled the FERC's non-public investigation into certaintransactions.  Management is unable to predict the remedial actionsthat may be taken with respect to these transactions by the LPSC and cannotreasonably estimate Cleco's minimum probable contingency for thesetransactions.  For information about the FERC settlement concerningthese transactions, see Note 16 - "FERC Settlement" in the Notes to theUnaudited Financial Statements in this Report.

         Marketing & Tradingparticipated in round-trip trades whereby Marketing & Trading would buy powerfrom a third party, and sell the same volume at the same price as the purchaseprice back to the third party.  Additionally, Marketing & Tradinghad round-trip trades whereby Marketing & Trading would sell power to athird party, which then would sell the same volume at the same price as thepurchase price back to Marketing & Trading.  Marketing &Trading contacted the FERC regarding its round-trip trades and othertransactions.  These discussions led to the same investigatoryproceeding with the FERC as referenced above, which has been settled asdiscussed above and in Note 16 - "FERC Settlement" in the Notes to theUnaudited Financial Statements in this Report.  Cleco receivedrequests for information from the CFTC related to Cleco Power's and Marketing& Trading's round-trip trades and the reporting of trading activities totrade publications.  Cleco provided the requested information to theCFTC.  From 1999 through mid-January, 2002, the same personnelperformed the trading operations of Cleco Power and Marketing &Trading.  Management believes these trading activities may bereviewed in Cleco Power's pending LPSC fuel audit.  For additionalinformation regarding the review of trading activities, see Note 5 - "Review ofTrading Activities," in the Notes to the Unaudited Financial Statements in thisReport.  For additional information on the fuel audit, see "-Financial Condition - Regulatory Matters - Fuel Audit."  Forinformation about the FERC settlement concerning this issue, see Note 16 - "FERCSettlement" in the Notes to the Unaudited Financial Statements in this Report.

          During 2002,certain fourth quarter 2001 natural gas purchase transactions were identifiedthat were accounted for inconsistently with Cleco Power's fuel adjustment clause.  Foradditional information about Cleco Power's natural gas purchase transactions,see "Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition - Regulatory Matters - Gas Put Options," onpages 43 and 44 of the 2002 Annual Report to Shareholders, which is filed asExhibit 13 to the Registrants' Form 10-K for the year ended December 31, 2002and incorporated herein by reference.

          During a 2002review of an affiliate transportation contract, Cleco determined that certaingas transportation charges may have exceeded the unregulated subsidiary's cost,plus a reasonable rate of return.  For additional information aboutCleco's gas transportation charges, see "Management's Discussion and Analysis ofFinancial Condition and Results of Operations - Financial Condition - RegulatoryMatters - Gas Transportation Charges," on page 44 of the 2002 Annual Report toShareholders, which is filed as Exhibit 13 to the Registrants' Form 10-K forthe year ended December 31, 2002 and incorporated herein by reference.

          Cleco hasimplemented Issue 1 of EITF No. 02-3, as of July 15, 2002, which requires allgains and losses (both realized and unrealized) from energy trading contractsto be reported retroactively on the income statement on a net basis,aggregating revenues and expenses and reporting the number in one lineitem.  Therefore, the effect on its revenues and expenses related tothe round-trip trades has been eliminated through the implementation of Issue 1of EITF No. 02-3.

***Lignite Deferral***

          In May 2001, ClecoPower signed a lignite contract with a miner at the Dolet Hillsmine.  As defined in LPSC Orders No. U-21453, U-20925(SC) andU-22092(SC) (Subdocket G), retail ratepayers are receiving fuel cost savingsequal to 2% of the projected costs under the previous mining contract through2011.  Costs above 98% of the previous contract's projected costs aredeferred.  Deferred costs will be recovered from retail customersthrough the fuel adjustment clause when the actual costs of the new contractare below 98% of the projected costs of the previous contract.  As of September 30, 2003, Cleco Power had deferred $10.2 million in costs andinterest relating to the new mining contract.  If the miner'scumulative costs do not fall below the 98% threshold, Cleco Power may berequired to write off some or all of the deferred amount.  ClecoPower will continue to monitor and assess the recoverability of these amountson a periodic basis; however, management expects the miner's cumulative coststo fall below the 98% threshold, and therefore, expects Cleco Power to recoverthe amounts deferred.

59

***Franchises***

          Cleco Poweroperates under nonexclusive franchise rights granted by governmental units, suchas municipalities and parishes (counties), and enforced by stateregulation.  These franchises are for fixed terms, which may varyfrom 10 years to 50 years or more.  In the past, Cleco Power has beensubstantially successful in the timely renewal of franchises as each reachedthe end of its term.

          Cleco Power'sfranchise with the town of Franklinton, and its approximately 1,850 customers,was up for renewal in April 2003.  Cleco made an offer to renew thefranchise in October 2002.  Due to ongoing negotiations, awarding ofany new contract was extended for 210 days beyond the original deadline to November2003.

***Other***

          On July 23, 2003, the FERC issued a final ruling regarding standard procedures and a standardagreement for the interconnection of generators larger than 20 MWs.  TheFERC also proposed rules regarding expedited procedures for small generatorsunder 20 MWs.  The original date of October 20, 2003, for compliance with the large generators was extended to January 20, 2004.  The FERC has not yet set a date for compliance with the small generatorstandards.

**Recent Accounting Standards**

          For discussion ofrecent accounting standards, see Note 6 - "Recent Accounting Standards" in theNotes to the Unaudited Financial Statements in this Report.

**Critical Accounting Policies**

          Cleco's criticalaccounting policies are those accounting policies that are both important tothe portrayal of Cleco's financial condition and results of operations and thatrequire management to make difficult, subjective or complex judgments aboutfuture events, which could result in a material impact to the financialstatements of Cleco Corporation's segments or to Cleco Corporation as aconsolidated entity.  The financial statements contained in thisreport are prepared in accordance with accounting principles generally acceptedin the United States of America, which require Cleco to make estimates andassumptions.  Estimates and assumptions about future events and theireffects cannot be made with certainty.  Management bases its currentestimates and assumptions on historical experience and on various other factorsthat are believed to be reasonable under the circumstances.  On anongoing basis, these estimates and assumptions are evaluated and, if necessary,adjustments are made when warranted by new or updated information or a changein circumstances or environment.  Actual results may differsignificantly from these estimates under different assumptions orconditions.  In addition to the critical accounting policy discussedbelow, see "Management's Discussion and Analysis of Financial Condition andResults of Operations - Critical Accounting Policies" on pages 32-34 of the2002 Annual Report to Shareholders, which is filed as Exhibit 13 to theRegistrants' Form 10-K for the year ended December 31, 2002, for a discussionof other significant critical accounting policies.

          Cleco accounts forincome taxes under SFAS No. 109.  Under this method, income taxexpense and related balance sheet amounts are comprised of a "current" portionand a "deferred" portion.  The current portion represents Cleco'sestimate of the income taxes payable or receivable for the currentyear.  The deferred portion represents Cleco's estimate of the futureincome tax effects of events that have been recognized in the financialstatements or income tax returns in the current or prioryears.  Cleco makes assumptions and estimates when it records incometaxes such as its ability to deduct items on its tax returns, the timing of thededuction and the effect of regulation by the LPSC on incometaxes.  Cleco's income tax expense and related assets and liabilitiescould be affected by its assumptions and estimates, changes in such assumptionsand estimates, and by ultimate resolution of assumptions and estimates withtaxing authorities.  The actual results may be different from theestimated results based on these assumptions and may have a material effect onCleco's results of operations.  For additional information aboutCleco Corporation's income taxes, see "Notes to the Consolidated FinancialStatements - Note 10 - Income Tax Expense" on pages 71 and 72 of the 2002Annual Report to Shareholders, which is filed as Exhibit 13 to the Registrants'Form 10-K for the year ended December 31, 2002.

60

**ITEM3     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT                   MARKETRISK OF CLECO CORPORATION**

****          Themarket risk inherent in Cleco's market risk-sensitive instruments and positionsincludes the potential change arising from changes in interest rates, thecommodity price of power traded on the different power exchanges and thecommodity price of natural gas traded.  Prior to the third quarter of2002, Cleco Power and Marketing & Trading used EITF No. 98-10 to determinewhether the market risk-sensitive instruments and positions were required to bemarked-to-market.  In October 2002, the EITF rescinded EITF No. 98-10effective the second fiscal period beginning after December 15, 2002.  Cleco Power and Marketing & Tradingcurrently use SFAS No. 133 in order to determine whether the marketrisk-sensitive instruments and positions are required to bemarked-to-market.  Generally, Cleco Power's market risk-sensitiveinstruments and positions qualify for the normal-purchase, normal-saleexception to mark-to-market accounting of SFAS No. 133, as modified by SFAS No.149, since Cleco Power generally takes physical delivery and the instrumentsand positions are used to satisfy customer requirements.  Cleco Powerdoes have some positions that are required to be marked-to-market, because theydo not meet the exception of SFAS No. 133 and do not qualify for hedgeaccounting treatment.  The positions for marketing and tradingpurposes do not meet the exemptions of SFAS No. 133 and the net mark-to-marketof those positions is recorded in income.  Cleco Power has enteredinto other positions to mitigate some of the volatility in fuel costs passed onto customers.  These positions are marked-to-market, with theresulting gain or loss recorded on the balance sheet as a component of theaccumulated deferred fuel asset or liability.  When these positionsclose, actual gains or losses will be included in the Fuel AdjustmentClause and reflected oncustomers' bills.  Cleco Energy's positions do not qualify for theexceptions on hedge accounting under SFAS No. 133 and are thereforemarked-to-market.

          Cleco also is subject to market riskassociated with its tolling agreement counterparties.  For additionalinformation concerning Cleco's market risk associated with its counterparties,see "Item 2 Management's Discussion and Analysis of Financial Condition andResults of Operations - Financial Condition - Liquidity and Capital Resources"and Note 15 - "Perryville" in the Notes to the Unaudited Financial Statementsin this Report.

          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%change in the average interest rate applicable to suchdebt.  Sensitivity to changes in interest rates for variable-rateobligations is computed by assuming a 1% change in the current interest rateapplicable to such debt.

          As of September 30, 2003, thecarrying value of Cleco's short-term, variable-rate debt was approximately $207.1million, which approximates the fair market value.  Each 1.0% changein the average interest rates applicable to such debt would result in a changeof approximately $2.1 million in Cleco's pretax earnings.

          At September 30, 2003, Cleco Powerhad no short-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.

61

***CommodityPrice Risks***

          During the fourthquarter of 2002, Marketing & Trading and Cleco Power discontinuedspeculative trading activities.  As of September 30, 2003, all of Marketing& Trading's remaining trades were closed; therefore no mark-to-marketamount was recorded on the balance sheet.  The change in themark-to-market amount between December 31, 2002, and September 30, 2003, was again of $0.4 million and was recorded in the income statement.  Dueto the change in trading strategy, commodity price risks have beensubstantially mitigated when compared to previous periods.

          Management believesCleco has controls in place to minimize the remaining risks involved intrading.  Controls over trading consist of a back office (accounting)and middle office (risk management) independent of the trading operations,oversight by a risk management committee comprised of officers, and a dailyrisk report which shows VAR and current market conditions.  Cleco'sBoard of Directors appoints the members of the Risk ManagementCommittee.  VAR limits are set and monitored by the Risk ManagementCommittee.

          Cleco Power'sfinancial positions that are not used to meet the power demands of customersare marked-to-market as required by SFAS No. 133.  Based on marketprices at September 30, 2003, the net mark-to-market amount for those positions also waszero and was not recorded on the balance sheet.  The change in themark-to-market amount between December 31, 2002, and September 30, 2003, was again of $0.5 million and was recorded in the income statement.

          Cleco Powerprovides fuel for generation and purchases power to meet the power demands ofcustomers.  Cleco Power has entered into positions to mitigate someof the volatility in fuel costs passed on to customers, as encouraged by anLPSC order.  These positions are marked-to-market, with the resultinggain or loss recorded on the balance sheet as a component of the accumulateddeferred fuel asset or liability and a component of the risk management assetor liability.  Based on market prices at September 30, 2003, the netmark-to-market impact was a loss of $0.9 million.

          Cleco Energy provides natural gas to wholesale customers, such asmunicipalities, and enters into transactions in order to provide fixed gasprices to some of its customers.  All of Cleco Energy's trades aremarked-to-market as required by SFAS No. 133.  Due to market pricevolatility, mark-to-market reporting may introduce volatility to carryingvalues and hence to Cleco Energy's financial statements.  At September 30, 2003, the netmark-to-market impact had an immaterial effect on the financial statements.

          Marketing &Trading, Cleco Power, and Cleco Energy utilize a VAR model to assess the marketrisk of their trading portfolios, including derivative financialinstruments.  VAR represents the potential loss in fair values for aninstrument from adverse changes in market factors for a specified period oftime and confidence level.  The VAR is estimated using a historicalsimulation calculated daily assuming a holding period of one day, with a 95%confidence level for natural gas and power positions.  Totalvolatility is based on historical cash volatility, implied market volatility,current cash volatility, and option pricing.

          Based on theseassumptions, the high, low and average VAR during the three months and ninemonths ended September 30, 2003, is summarized below:

** **

For the three months ended September 30, 2003

** **

High

Low

Average

** **

(Thousands)

**Marketing  & Trading**

$

-   

$

-   

$

-   

**Cleco  Power**

$

-   

$

-   

$

-   

**Cleco  Energy**

$

301.6   

$

195.3

$

237.4

**Consolidated**

$

301.6   

$

195.3

$

237.4

** **

  For the nine months ended September 30, 2003

** **

High

Low

Average

** **

(Thousands)

**Marketing  & Trading**

$

14.6   

$

-   

$

1.7

**Cleco  Power**

$

7.3   

$

-   

$

0.2

**Cleco  Energy**

$

301.6   

$

6.7

$

122.6

**Consolidated**

$

323.5   

$

6.7

$

124.5

62

**          **The increase in VAR at September 30, 2003,compared to December 31, 2002, as shown below, was primarily due to financial positionsentered into in the second and third quarter of 2003 to offset future physicalgas sales.  These gas sales are to customers with contractentitlement to hedge their future gas cost by locking in specific forwardmonthly prices based on perceived market conditions.

** **

AtSeptember 30, 2003

AtDecember 31, 2002

** **

(Thousands)

**Marketing  & Trading**

$

-     

$

5.7       

**Cleco  Power**

$

-     

$

-       

**Cleco  Energy**

$

299.5     

$

29.3       

**Consolidated**

$

299.5     

$

35.0       

63**ITEM 4     CONTROLSAND 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 and chieffinancial 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 that evaluation.

          During theperiod covered by this Report, there have been no changes to the Registrants'internal control over financial reporting that have materially affected or arereasonably likely to materially affect the Registrant's internal control overfinancial 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.

*** ***          TheRegistrants' management, including the chief executive officer and chieffinancial officer, does not expect that their Disclosure Controls will preventall errors and all fraud.  A control system, including the Registrants'Disclosure Controls, no matter how well conceived and operated, can provideonly reasonable, not absolute, assurance that the objectives of the controlsystem are met.  Further, the design of a control system must reflectthe fact that there are resource constraints, and the benefits of controls mustbe considered relative to their costs.  Because of the inherentlimitations in all control systems, no evaluation of controls can provideabsolute assurance that all control issues and instances of fraud, if any,within a company have been detected.  These inherent limitationsinclude the realities that judgments in decision making can be faulty, and thatbreakdowns can occur because of simple error or mistake.  Additionally,controls can be circumvented by the individual acts of some persons, bycollusion of two or more people, or by management override of the control.  Thedesign of any system of controls also is based in part upon certain assumptionsabout the likelihood of future events, and there can be no assurance that anydesign will succeed in achieving its stated goals under all potential futureconditions.  Over time, some controls may become inadequate becauseof changes in conditions, or the degree of compliance with policies orprocedures may deteriorate.  Because of the inherent limitations in acost-effective control system, misstatements due to error or fraud may occurand not be detected.

64**PART II - OTHER INFORMATION**

**ITEM 1     LEGAL PROCEEDINGS**

***Cleco***

          Forinformation on legal proceedings affecting Cleco, see Note 5 - "Review of Trading Activities" and Note 11 - "SecuritiesLitigation and Other Commitments and Contingencies" in the Notes to theUnaudited Financial Statements, and see "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Financial Condition - Regulatory Matters - Fuel Audit" and "- Review of TradingActivities" and thefourth paragraph under the caption "-Environmental Matters," in this Report, which areincorporated herein by reference.

***Cleco Power***

          Forinformation on legal proceedings affecting Cleco Power, see Note 5 - "Review of Trading Activities" and to the extent thatthe lawsuits and proceedings involve Cleco Power, Note 11 - "SecuritiesLitigation and Other Commitments and Contingencies," in the Notes to theUnaudited Financial Statements, and see "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Financial Condition - Regulatory Matters - "Fuel Audit," and "- Review ofTrading Activities" and thefourth paragraph under the caption "- Environmental Matters," inthis Report, which are incorporated herein by reference.

**ITEM 3     DEFAULTSUPON SENIOR SECURITIES**

***Cleco***

          The bankruptcyfiling by Mirant and certain of its subsidiaries on July 14, 2003, was an event of default under Perryville's Senior Loan Agreement.  This eventof default gives the lenders holding in aggregate at least 66-2/3% of theoutstanding senior loan the right, but not the obligation, to declare anyoutstanding principal and interest immediately due and payable, which as of September 30, 2003, was $134.4 million.  For additional information regardingthe default, see Note 15 - "Perryville - Perryville's Senior Loan Agreement" inthe Notes to the Unaudited Financial Statements in this Report, which isincorporated herein by reference.

65

**ITEM6     EXHIBITSAND REPORTS ON FORM 8-K**

**(a)**

**Exhibits**

** **

Cleco Corporation:

    3(a)

Bylaws of  Cleco Corporation (revised effective October 24, 2003)

  11

Computation of Net Income Per Common Share for the three  months and nine months ended September 30, 2003 and 2002

  12(a)

Computation of Earnings to Fixed Charges and Earnings to  Combined Fixed Charges and Preferred Stock Dividends for the three-, nine-  and twelve-month periods ended September 30, 2003, 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 Certification pursuant to section 906 of the Sarbanes-Oxley  Act of 2002

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

  99(a)

Items incorporated by reference from the Registrants'  Combined Annual Report on Form 10-K for the year ended December 31, 2002: "Management's Discussion and Analysis of Financial Condition and Results of  Operations - Financial Condition - Regulatory Matters - Gas Put Options," "-  Gas Transportation Charges."

  99(c)

Items incorporated by reference from the Registrants'  Combined Annual Report on Form 10-K for the year ended December 31, 2002:  "Management's Discussion and Analysis of Financial Condition and Results  of Operations - Critical Accounting Policies - Midstream."

Cleco Power:

    3(b)

Operating Agreement of Cleco Power LLC (revised effective October 24, 2003)

  12(b)

Computation of Earnings to Fixed Charges for the three-, nine-  and twelve-month periods ended September 30, 2003, 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 Certification pursuant to section 906 of the  Sarbanes-Oxley Act of 2002

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

  99(b)

Items incorporated by reference from the Registrants'  Combined Annual Report on Form 10-K for the year ended December 31, 2002:  "Management's Discussion and Analysis of Financial Condition and Results  of Operations - Financial Condition - Regulatory Matters - Gas Put Options," "-  Gas Transportation Charges."

66

**(b)**

**Reports on Form 8-K**

Cleco Corporation:

          On  August 11, 2003, Cleco Corporation furnished a Form 8-K dated as of August  11, 2003 (as amended by the Form 8-K/A relating thereto furnished on August  12, 2003), concerning the issuance of a press release regarding earnings for  the quarter and six-month period ended June 30, 2003, and including as an  exhibit such press release.

            On August 29, 2003, Cleco Corporation filed a Form 8-K dated as of August 29, 2003, concerning the issuance of a press release regarding the intentions of Perryville to  seek damages if the Perryville Tolling Agreement is rejected in connection  with Mirant's bankruptcy filing, and including as an exhibit such press  release.

 

Cleco Power:

          None
 
67

 

***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: November 6, 2003

68

 

***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: November 6, 2003

69

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