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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                           |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|
| Louisiana(State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 72-0244480(I.R.S. Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                           |
| 2030 Donahue Ferry Road, Pineville, Louisiana(Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 71360-5226(Zip Code)                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                           |
| Registrant’s telephone number, including area code:  (318) 484-7400                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark whether the Registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past90 days.  Yes x    No  ̈                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark whether the Registrants have submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)during the preceding 12 months (or for such shorter period that the Registrants were required to submit and post such files).  Yes  ̈    No  ̈                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark whether Cleco Corporation is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Checkone):  Large accelerated filer x           Accelerated filer  ̈                  Non-acceleratedfiler  ̈  (Do not check if a smaller reporting company)            Smaller reporting company  ̈ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Checkone):Large accelerated filer  ̈           Accelerated filer  ̈                  Non-acceleratedfiler x  (Do not check if a smaller reporting company)            Smaller reporting company  ̈               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act)  Yes ̈    No x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| Registrant        | Description of Class     | Shares Outstanding at July 31, 2009 |
|-------------------|-------------------------------|-------------------------------------|
|              |                          |                                |
| Cleco Corporation | Common Stock, $1.00 Par Value | 60,476,642                          |

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----

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                 | PAGE                                                                                        |
|------------------------------------------------------|---------------------------------------------------------------------------------------------|
| GLOSSARY OF TERMS                                    | 3                                                                                           |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5                                                                                           |
|                                                 |                                                                                        |   |
| PART I                                               | Financial Information                                                                       |   |
| ITEM 1.                                              | Cleco Corporation — Condensed Consolidated Financial Statements                       | 7 |
|                                                 | Cleco Power — Condensed Consolidated Financial Statements                             | 15 |
|                                                 | Notes to the Unaudited Condensed Consolidated Financial Statements                          | 20 |
| ITEM 2.                                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 |
| ITEM 3.                                              | Quantitative and Qualitative Disclosures about Market Risk                                  | 58 |
| ITEM 4 and 4T.                                       | Controls and Procedures                                                                     | 60 |
|                                                 |                                                                                        |   |
| PART II                                              | Other Information                                                                           |   |
| ITEM 1.                                              | Legal Proceedings                                                                           | 61 |
| ITEM 1A.                                             | Risk Factors                                                                                | 61 |
| ITEM 4.                                              | Submission of Matters to a Vote of Security Holders                                         | 61 |
| ITEM 6.                                              | Exhibits                                                                                    | 62 |
|                                                 | Signatures                                                                                  | 63 |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| ABBREVIATION OR ACRONYM         | DEFINITION                                                                                                                                                                                                                                                                                   |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 401(k) Plan                     | Cleco Power 401(k) Savings and Investment Plan                                                                                                                                                                                                                                               |
| Acadia                          | Acadia Power Partners, LLC and its combined-cycle, natural gas-fired power plant near Eunice, Louisiana, 50% owned by APH and 50% owned by Cajun.  Prior to September 13, 2007, Acadia was 50% owned by APH and 50% owned by Calpine Acadia Holdings, LLC.                         |
| AFUDC                           | Allowance for Funds Used During Construction                                                                                                                                                                                                                                                 |
| Amended EPC Contract            | Amended and Restated EPC Contract between Cleco Power and Shaw, executed on May 12, 2006, for engineering, procurement, and construction of Rodemacher Unit 3, as amended by Amendment No. 1 thereto effective March 9, 2007, and Amendment No. 2 thereto dated as of July 2, 2008           |
| APB                             | Accounting Principles Board                                                                                                                                                                                                                                                                  |
| APB Opinion No. 10              | Consolidated Financial Statements, Poolings of Interest, Convertible Debt and Debt Issued with Stock Warrants Installment Method of Accounting                                                                                                                                               |
| APB Opinion No. 18              | The Equity Method of Accounting for Investments in Common Stock                                                                                                                                                                                                                              |
| APH                             | Acadia Power Holdings LLC, a wholly owned subsidiary of Midstream                                                                                                                                                                                                                            |
| Attala                          | Attala Transmission LLC, a wholly owned subsidiary of Cleco Corporation.  Prior to February 1, 2007, Attala was a wholly owned subsidiary of Midstream.                                                                                                                            |
| Bear Energy                     | BE Louisiana LLC, an indirect wholly owned subsidiary of JPMorgan Chase & Co.  In September 2008, BE Louisiana LLC was merged into JPMVEC.                                                                                                                                     |
| Bear Stearns Companies Inc.     | The parent company of Bear, Stearns & Co. Inc.                                                                                                                                                                                                                                           |
| Cajun                           | Cajun Gas Energy L.L.C., an affiliate of pooled investment funds managed by King Street Capital Management, L.P.                                                                                                                                                                             |
| CES                             | Calpine Energy Services, L.P.                                                                                                                                                                                                                                                                |
| Cleco Energy                    | Cleco Energy LLC, a wholly owned subsidiary of Midstream                                                                                                                                                                                                                                     |
| Cleco Innovations LLC           | A wholly owned subsidiary of Cleco Corporation                                                                                                                                                                                                                                               |
| Cleco Katrina/Rita              | Cleco Katrina/Rita Hurricane Recovery Funding LLC, a wholly owned subsidiary of Cleco Power                                                                                                                                                                                                  |
| Diversified Lands               | Diversified Lands LLC, a wholly owned subsidiary of Cleco Innovations LLC, a wholly owned subsidiary of Cleco Corporation                                                                                                                                                                    |
| EITF                            | Emerging Issues Task Force of the FASB                                                                                                                                                                                                                                                       |
| EITF No. 08-5                   | Issuer’s Accounting for Liabilities Measured at Fair Value with a Third Party Credit Enhancement                                                                                                                                                                                       |
| Entergy                         | Entergy Corporation                                                                                                                                                                                                                                                                          |
| Entergy Gulf States             | Entergy Gulf States, Inc.                                                                                                                                                                                                                                                                    |
| Entergy Louisiana               | Entergy Louisiana, Inc.                                                                                                                                                                                                                                                                      |
| Entergy Mississippi             | Entergy Mississippi, Inc.                                                                                                                                                                                                                                                                    |
| Entergy Services                | Entergy Services, Inc., as agent for Entergy Louisiana and Entergy Gulf States                                                                                                                                                                                                               |
| EPA                             | United States Environmental Protection Agency                                                                                                                                                                                                                                                |
| EPC                             | Engineering, Procurement, and Construction                                                                                                                                                                                                                                                   |
| ERO                             | Electric Reliability Organization                                                                                                                                                                                                                                                            |
| ESPP                            | Cleco Corporation Employee Stock Purchase Plan                                                                                                                                                                                                                                               |
| Evangeline                      | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream, and its combined-cycle, natural gas-fired power plant located in Evangeline Parish, Louisiana                                                                                                                                  |
| Evangeline Tolling Agreement    | Capacity Sale and Tolling Agreement between Evangeline and BE Louisiana LLC (as successor to Williams Power Company, Inc. (formerly known as Williams Energy Marketing & Trading Company)) which expires in 2020.  In September 2008, BE Louisiana LLC was merged into JPMVEC. |
| FASB                            | Financial Accounting Standards Board                                                                                                                                                                                                                                                         |
| FERC                            | Federal Energy Regulatory Commission                                                                                                                                                                                                                                                         |
| FIN                             | FASB Interpretation No.                                                                                                                                                                                                                                                                      |
| FIN 18                          | Accounting for Income Taxes in Interim Periods – an interpretation of APB Opinion No. 28                                                                                                                                                                                               |
| FIN 39                          | Offsetting of Amounts Related to Certain Contracts – an interpretation of APB Opinion No. 10 and FASB Statement No. 105                                                                                                                                                                |
| FIN 45                          | Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others                                                                                                                                                             |
| FIN 46R                         | Consolidation of Variable Interest Entities – an Interpretation of Accounting Research Bulletin No. 51 (revised December 2003)                                                                                                                                                         |
| FIN 48                          | Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109                                                                                                                                                                                               |
| FSP                             | FASB Staff Position                                                                                                                                                                                                                                                                          |
| FSP EITF No. 03-6-1             | Determining Whether Instruments Granted in Shared Based Payment Transactions Are Participating Securities                                                                                                                                                                                    |
| FSP No. FAS 107-1 and APB 28-1  | Interim Disclosures about Fair Value of Financial Instruments                                                                                                                                                                                                                                |
| FSP No. FAS 115-2 and FAS 124-2 | Recognition and Presentation of Other-Than-Temporary Impairments                                                                                                                                                                                                                             |
| FSP No. FAS 132(R)-1            | Employers’ Disclosures about Postretirement Benefit Plan Assets                                                                                                                                                                                                                        |
| FSP No. FAS 141(R)-1            | Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies                                                                                                                                                                               |
| FSP No. FAS 142-3               | Determining the Useful Life of Intangible Assets                                                                                                                                                                                                                                             |
| FSP No. FAS 157-4               | Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly                                                                                                                       |
| FSP No. FIN 39-1                | Amendment of FASB Interpretation No. 39                                                                                                                                                                                                                                                      |
| GAAP                            | Generally Accepted Accounting Principles in the United States                                                                                                                                                                                                                                |

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

| ABBREVIATION OR ACRONYM   | DEFINITION                                                                                                                                                                                                                                    |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| GO Zone                   | Gulf Opportunity Zone Act of 2005 (Public Law 109-135)                                                                                                                                                                                        |
| ICT                       | Independent Coordinator of Transmission                                                                                                                                                                                                       |
| Interconnection Agreement | One of two Interconnection Agreement and Real Estate Agreements, one between Attala and Entergy Mississippi, and the other between Perryville and Entergy Louisiana                                                                           |
| IRP                       | Integrated Resource Planning                                                                                                                                                                                                                  |
| IRS                       | Internal Revenue Service                                                                                                                                                                                                                      |
| JPMVEC                    | J.P. Morgan Ventures Energy Corporation.  In September 2008, Bear Energy was merged into JPMVEC.                                                                                                                                    |
| kWh                       | Kilowatt-hour(s) as applicable                                                                                                                                                                                                                |
| LIBOR                     | London Inter-Bank Offer Rate                                                                                                                                                                                                                  |
| Lignite Mining Agreement  | Dolet Hills Mine Lignite Mining Agreement, dated as of May 31, 2001                                                                                                                                                                           |
| LPSC                      | Louisiana Public Service Commission                                                                                                                                                                                                           |
| LTICP                     | Cleco Corporation Long-Term Incentive Compensation Plan                                                                                                                                                                                       |
| Midstream                 | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Corporation                                                                                                                                                                 |
| MMBtu                     | Million British thermal units                                                                                                                                                                                                                 |
| Moody’s             | Moody’s Investors Service                                                                                                                                                                                                               |
| MW                        | Megawatt(s) as applicable                                                                                                                                                                                                                     |
| Not meaningful            | A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000%.                                                                                                              |
| PCAOB                     | Public Company Accounting Oversight Board                                                                                                                                                                                                     |
| PCB                       | Polychlorinated biphenyls                                                                                                                                                                                                                     |
| Perryville                | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Corporation.  Prior to February 1, 2007, Perryville was a wholly owned subsidiary of Perryville Energy Holdings LLC, a wholly owned subsidiary of Midstream. |
| Power Purchase Agreement  | Power Purchase Agreement, dated as of January 28, 2004, between Perryville and Entergy Services                                                                                                                                               |
| PRP                       | Potentially responsible party                                                                                                                                                                                                                 |
| Registrant(s)             | Cleco Corporation and Cleco Power                                                                                                                                                                                                             |
| RFP                       | Request for Proposal                                                                                                                                                                                                                          |
| Rodemacher Unit 3         | A 600-MW solid-fuel generating unit under construction by Cleco Power at its existing Rodemacher plant site in Boyce, Louisiana                                                                                                               |
| RTO                       | Regional Transmission Organization                                                                                                                                                                                                            |
| Sale Agreement            | Purchase and Sale Agreement, dated as of January 28, 2004, between Perryville and Entergy Louisiana                                                                                                                                           |
| SEC                       | Securities and Exchange Commission                                                                                                                                                                                                            |
| SERP                      | Cleco Corporation Supplemental Executive Retirement Plan                                                                                                                                                                                      |
| SFAS                      | Statement of Financial Accounting Standards                                                                                                                                                                                                   |
| SFAS No. 5                | Accounting for Contingencies                                                                                                                                                                                                                  |
| SFAS No. 71               | Accounting for the Effects of Certain Types of Regulation                                                                                                                                                                                     |
| SFAS No. 107              | Disclosures about Fair Value of Financial Instruments                                                                                                                                                                                         |
| SFAS No. 109              | Accounting for Income Taxes                                                                                                                                                                                                                   |
| SFAS No. 123(R)           | Share-Based Payment                                                                                                                                                                                                                           |
| SFAS No. 131              | Disclosures about Segments of an Enterprise and Related Information                                                                                                                                                                           |
| SFAS No. 132(R)           | Employers’ Disclosures about Postretirement Benefit Plan Assets                                                                                                                                                                         |
| SFAS No. 133              | Accounting for Derivative Instruments and Hedging Activities                                                                                                                                                                                  |
| SFAS No. 141(R)           | Business Combinations                                                                                                                                                                                                                         |
| SFAS No. 142              | Goodwill and Other Intangible Assets                                                                                                                                                                                                          |
| SFAS No. 149              | Amendment of Statement 133 on Derivative Instruments and Hedging Activities                                                                                                                                                                   |
| SFAS No. 157              | Fair Value Measurements                                                                                                                                                                                                                       |
| SFAS No. 161              | Disclosures about Derivative Instruments and Hedging Activities                                                                                                                                                                               |
| SFAS No. 162              | The Hierarchy of Generally Accepted Accounting Principles                                                                                                                                                                                     |
| SFAS No. 165              | Subsequent Events                                                                                                                                                                                                                             |
| SFAS No. 166              | Accounting for Transfers of Financial Assets – an amendment of FASB Statement 140                                                                                                                                                       |
| SFAS No. 167              | Consolidation of Variable Interest Entities, an amendment to FIN 46R                                                                                                                                                                          |
| SFAS No. 168              | The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles                                                                                                                                      |
| Shaw                      | Shaw Contractors, Inc., a subsidiary of The Shaw Group Inc.                                                                                                                                                                                   |
| SWEPCO                    | Southwestern Electric Power Company, a wholly owned subsidiary of American Electric Power Company, Inc.                                                                                                                                       |
| VaR                       | Value-at-risk                                                                                                                                                                                                                                 |
| Williams                  | Williams Power Company, Inc.                                                                                                                                                                                                                  |

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

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| §   | Factors affecting utility operations, such as unusual weather conditions or other natural phenomena; catastrophic weather-related damage (such as hurricanes and other storms); unscheduled generation outages; unanticipated maintenance or repairs; unanticipated changes to fuel costs, cost of and reliance on natural gas as a component of Cleco’s generationfuel mix and their impact on competition and franchises, fuel supply costs or availability constraints due to higher demand, shortages, transportation problems or other developments; decreased customer load; environmental incidents; environmental compliance costs; power transmission system constraints; or the outcome of Cleco Power’s proposed new rate plan filed with the LPSC in July 2008; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| §   | Cleco Power’s ability to construct, operate, and maintain, within its projected costs (including financing) and timeframe, Rodemacher Unit 3, in addition to any other self-build projects identified in future IRP and RFP processes; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

| §   | The current global financial crisis and U.S. recession; |
|--------------------|---------------------------------------------------------|

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

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

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

| §   | Acts of terrorism; |
|--------------------|--------------------|

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

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

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

| §   | Legal, environmental, and regulatory delays and other obstacles associated with mergers, acquisitions, reorganizations, investments in joint ventures, or other capital projects, including Rodemacher Unit 3, the joint project to upgrade the Acadiana Load Pocket transmission system, and Cleco Power’s acquisition of 50 percent of Acadia; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                                          |   | FOR THE THREE MONTHS ENDED JUNE 30, |       |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|
| (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)                                                               |   | 2009                                |       |   | 2008 |   |
| Operating revenue                                                                                             |   |                                |       |   |   |   |
| Electric operations                                                                                           |   | $                                   | 195,651    |   |   | $ | 259,581 |   |
| Other operations                                                                                              |   |                                | 8,712      |   |   |   | 12,758 |   |
| Affiliate revenue                                                                                             |   |                                | 2,863      |   |   |   | 2,448 |   |
| Operating revenue                                                                                             |   |                                | 207,226    |   |   |   | 274,787 |   |
| Operating expenses                                                                                            |   |                                |       |   |   |   |   |   |
| Fuel used for electric generation                                                                             |   |                                | 50,326     |   |   |   | 22,887 |   |
| Power purchased for utility customers                                                                         |   |                                | 56,547     |   |   |   | 151,949 |   |
| Other operations                                                                                              |   |                                | 25,941     |   |   |   | 22,862 |   |
| Maintenance                                                                                                   |   |                                | 14,766     |   |   |   | 14,589 |   |
| Depreciation                                                                                                  |   |                                | 19,479     |   |   |   | 19,336 |   |
| Taxes other than income taxes                                                                                 |   |                                | 8,300      |   |   |   | 9,455 |   |
| Total operating expenses                                                                                      |   |                                | 175,359    |   |   |   | 241,078 |   |
| Operating income                                                                                              |   |                                | 31,867     |   |   |   | 33,709 |   |
| Interest income                                                                                               |   |                                | 271        |   |   |   | 1,258 |   |
| Allowance for other funds used during construction                                                            |   |                                | 17,538     |   |   |   | 14,993 |   |
| Equity loss from investees                                                                                    |   |                                | (3,125     | ) |   |   | (2,365 | ) |
| Other income                                                                                                  |   |                                | 1,633      |   |   |   | 91 |   |
| Other expense                                                                                                 |   |                                | (480       | ) |   |   | (1,377 | ) |
| Interest charges                                                                                              |   |                                |       |   |   |   |   |   |
| Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest |   |                                | 20,150     |   |   |   | 14,947 |   |
| Allowance for borrowed funds used during construction                                                         |   |                                | (6,421     | ) |   |   | (5,026 | ) |
| Total interest charges                                                                                        |   |                                | 13,729     |   |   |   | 9,921 |   |
| Income before income taxes                                                                                    |   |                                | 33,975     |   |   |   | 36,388 |   |
| Federal and state income tax expense                                                                          |   |                                | 6,949      |   |   |   | 6,999 |   |
| Net income                                                                                                    |   |                                | 27,026     |   |   |   | 29,389 |   |
| Preferred dividends requirements, net of tax                                                                  |   |                                | 12         |   |   |   | 12 |   |
| Net income applicable to common stock                                                                         |   | $                                   | 27,014     |   |   | $ | 29,377 |   |
| Average shares of common stock outstanding                                                                    |   |                                |       |   |   |   |   |   |
| Basic                                                                                                         |   |                                | 60,175,528 |   |   |   | 59,998,227 |   |
| Diluted                                                                                                       |   |                                | 60,451,665 |   |   |   | 60,168,947 |   |
| Basic earnings per share                                                                                      |   |                                |       |   |   |   |   |   |
| From continuing operations                                                                                    |   | $                                   | 0.45       |   |   | $ | 0.49 |   |
| Net income applicable to common stock                                                                         |   | $                                   | 0.45       |   |   | $ | 0.49 |   |
| Diluted earnings per share                                                                                    |   |                                |       |   |   |   |   |   |
| From continuing operations                                                                                    |   | $                                   | 0.45       |   |   | $ | 0.49 |   |
| Net income applicable to common stock                                                                         |   | $                                   | 0.45       |   |   | $ | 0.49 |   |
| Cash dividends paid per share of common stock                                                                 |   | $                                   | 0.225      |   |   | $ | 0.225 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.               |   |                                |       |   |   |   |   |   |

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                                       |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
| (THOUSANDS)                                                                                                |   | 2009                                |   |   | 2008 |   |
| Net income                                                                                                 |   | $                                   | 27,026 |   |   | $ | 29,389 |   |
| Other comprehensive income (loss), net of tax:                                                             |   |                                |   |   |   |   |   |   |
| Net unrealized loss from available-for-sale securities (net of tax benefit of $18 in 2008)                 |   |                                | -      |   |   |   | (29 | ) |
| Amortization of post-retirement benefit net gain (loss) (net of tax benefit of $14 in 2009 and $8 in 2008) |   |                                | 1      |   |   |   | (5 | ) |
| Other comprehensive income (loss)                                                                          |   |                                | 1      |   |   |   | (34 | ) |
| Comprehensive income, net of tax                                                                           |   | $                                   | 27,027 |   |   | $ | 29,355 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.            |   |                                |   |   |   |   |   |   |

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                                          |   | FOR THE SIX MONTHS ENDED JUNE 30, |       |
|---------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|
| (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)                                                               |   | 2009                              |       |   | 2008 |   |
| Operating revenue                                                                                             |   |                              |       |   |   |   |
| Electric operations                                                                                           |   | $                                 | 398,517    |   |   | $ | 469,462 |   |
| Other operations                                                                                              |   |                              | 15,820     |   |   |   | 22,821 |   |
| Affiliate revenue                                                                                             |   |                              | 5,825      |   |   |   | 5,054 |   |
| Operating revenue                                                                                             |   |                              | 420,162    |   |   |   | 497,337 |   |
| Operating expenses                                                                                            |   |                              |       |   |   |   |   |   |
| Fuel used for electric generation                                                                             |   |                              | 138,629    |   |   |   | 68,423 |   |
| Power purchased for utility customers                                                                         |   |                              | 102,265    |   |   |   | 241,743 |   |
| Other operations                                                                                              |   |                              | 50,892     |   |   |   | 45,138 |   |
| Maintenance                                                                                                   |   |                              | 25,325     |   |   |   | 24,702 |   |
| Depreciation                                                                                                  |   |                              | 38,613     |   |   |   | 38,686 |   |
| Taxes other than income taxes                                                                                 |   |                              | 15,333     |   |   |   | 18,286 |   |
| Gain on sales of assets                                                                                       |   |                              | -          |   |   |   | (99 | ) |
| Total operating expenses                                                                                      |   |                              | 371,057    |   |   |   | 436,879 |   |
| Operating income                                                                                              |   |                              | 49,105     |   |   |   | 60,458 |   |
| Interest income                                                                                               |   |                              | 682        |   |   |   | 2,875 |   |
| Allowance for other funds used during construction                                                            |   |                              | 34,529     |   |   |   | 28,677 |   |
| Equity loss from investees                                                                                    |   |                              | (14,876    | ) |   |   | (6,939 | ) |
| Other income                                                                                                  |   |                              | 2,674      |   |   |   | 157 |   |
| Other expense                                                                                                 |   |                              | (1,332     | ) |   |   | (2,046 | ) |
| Interest charges                                                                                              |   |                              |       |   |   |   |   |   |
| Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest |   |                              | 41,466     |   |   |   | 29,265 |   |
| Allowance for borrowed funds used during construction                                                         |   |                              | (12,634    | ) |   |   | (9,603 | ) |
| Total interest charges                                                                                        |   |                              | 28,832     |   |   |   | 19,662 |   |
| Income before income taxes                                                                                    |   |                              | 41,950     |   |   |   | 63,520 |   |
| Federal and state income tax expense                                                                          |   |                              | 8,275      |   |   |   | 12,060 |   |
| Net income                                                                                                    |   |                              | 33,675     |   |   |   | 51,460 |   |
| Preferred dividends requirements, net of tax                                                                  |   |                              | 23         |   |   |   | 23 |   |
| Net income applicable to common stock                                                                         |   | $                                 | 33,652     |   |   | $ | 51,437 |   |
| Average shares of common stock outstanding                                                                    |   |                              |       |   |   |   |   |   |
| Basic                                                                                                         |   |                              | 60,132,358 |   |   |   | 59,948,801 |   |
| Diluted                                                                                                       |   |                              | 60,279,903 |   |   |   | 60,068,682 |   |
| Basic earnings per share                                                                                      |   |                              |       |   |   |   |   |   |
| From continuing operations                                                                                    |   | $                                 | 0.56       |   |   | $ | 0.86 |   |
| Net income applicable to common stock                                                                         |   | $                                 | 0.56       |   |   | $ | 0.86 |   |
| Diluted earnings per share                                                                                    |   |                              |       |   |   |   |   |   |
| From continuing operations                                                                                    |   | $                                 | 0.56       |   |   | $ | 0.86 |   |
| Net income applicable to common stock                                                                         |   | $                                 | 0.56       |   |   | $ | 0.86 |   |
| Cash dividends paid per share of common stock                                                                 |   | $                                 | 0.450      |   |   | $ | 0.450 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.               |   |                              |       |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                                        |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
| (THOUSANDS)                                                                                                 |   | 2009                              |   |   | 2008 |   |
| Net income                                                                                                  |   | $                                 | 33,675 |   |   | $ | 51,460 |   |
| Other comprehensive income (loss), net of tax:                                                              |   |                              |   |   |   |   |   |   |
| Net unrealized loss from available-for-sale securities (net of tax benefit of $27 in 2008)                  |   |                              | -      |   |   |   | (43 | ) |
| Amortization of post-retirement benefit net gain (loss) (net of tax benefit of $27 in 2009 and $15 in 2008) |   |                              | 3      |   |   |   | (9 | ) |
| Other comprehensive income (loss)                                                                           |   |                              | 3      |   |   |   | (52 | ) |
| Comprehensive income, net of tax                                                                            |   | $                                 | 33,678 |   |   | $ | 51,408 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.             |   |                              |   |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| (THOUSANDS)                                                                                              |   | AT JUNE 30, 2009 |      |   | AT DECEMBER 31, 2008 |   |
|----------------------------------------------------------------------------------------------------------|--------|------------------|-----------|--------|----------------------|--------|
| Assets                                                                                                   |   |             |      |   |                 |   |
| Current assets                                                                                           |   |             |      |   |                 |   |
| Cash and cash equivalents                                                                                |   | $                | 41,996    |   |                 | $      | 97,483 |   |
| Restricted cash                                                                                          |   |             | 31,874    |   |                 |   | 62,311 |   |
| Customer accounts receivable (less allowance for doubtful accounts of $2,085 in 2009 and $1,632 in 2008) |   |             | 41,577    |   |                 |   | 40,677 |   |
| Accounts receivable – affiliate                                                                    |   |             | 13,247    |   |                 |   | 3,428 |   |
| Other accounts receivable                                                                                |   |             | 32,174    |   |                 |   | 34,209 |   |
| Taxes receivable                                                                                         |   |             | 10,193    |   |                 |   | 13,663 |   |
| Unbilled revenue                                                                                         |   |             | 26,718    |   |                 |   | 19,713 |   |
| Fuel inventory, at average cost                                                                          |   |             | 69,847    |   |                 |   | 57,221 |   |
| Material and supplies inventory, at average cost                                                         |   |             | 40,472    |   |                 |   | 37,547 |   |
| Risk management assets, net                                                                              |   |             | 7,871     |   |                 |   | 368 |   |
| Accumulated deferred fuel                                                                                |   |             | 51,466    |   |                 |   | 69,154 |   |
| Cash surrender value of company-/trust-owned life insurance policies                                     |   |             | 25,804    |   |                 |   | 22,934 |   |
| Prepayments                                                                                              |   |             | 2,121     |   |                 |   | 3,751 |   |
| Regulatory assets – other                                                                          |   |             | 2,553     |   |                 |   | 2,553 |   |
| Other current assets                                                                                     |   |             | 1,881     |   |                 |   | 1,367 |   |
| Total current assets                                                                                     |   |             | 399,794   |   |                 |   | 466,379 |   |
| Property, plant and equipment                                                                            |   |             |      |   |                 |   |   |   |
| Property, plant and equipment                                                                            |   |             | 2,075,516 |   |                 |   | 2,015,269 |   |
| Accumulated depreciation                                                                                 |   |             | (971,521  | )      |                 |   | (948,581 | ) |
| Net property, plant and equipment                                                                        |   |             | 1,103,995 |   |                 |   | 1,066,688 |   |
| Construction work in progress                                                                            |   |             | 1,057,608 |   |                 |   | 978,598 |   |
| Total property, plant and equipment, net                                                                 |   |             | 2,161,603 |   |                 |   | 2,045,286 |   |
| Equity investment in investees                                                                           |   |             | 248,485   |   |                 |   | 249,144 |   |
| Prepayments                                                                                              |   |             | 5,502     |   |                 |   | 6,067 |   |
| Restricted cash                                                                                          |   |             | 38,815    |   |                 |   | 40,671 |   |
| Regulatory assets and liabilities – deferred taxes, net                                  |   |             | 208,143   |   |                 |   | 174,804 |   |
| Regulatory assets – other                                                                          |   |             | 160,932   |   |                 |   | 158,206 |   |
| Intangible asset                                                                                         |   |             | 162,452   |   |                 |   | 167,826 |   |
| Other deferred charges                                                                                   |   |             | 32,045    |   |                 |   | 32,821 |   |
| Total assets                                                                                             |   | $                | 3,417,771 |   |                 | $      | 3,341,204 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.          |   |             |      |   |                 |   |   |   |

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

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| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| (THOUSANDS)                                                                                                                                                                                                   |   | AT JUNE 30, 2009 |      |   | AT DECEMBER 31, 2008 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|-----------|--------|----------------------|--------|
| Liabilities and shareholders’ equity                                                                                                                                                                    |   |             |      |   |                 |   |
| Liabilities                                                                                                                                                                                                   |   |             |      |   |                 |   |
| Current liabilities                                                                                                                                                                                           |   |             |      |   |                 |   |
| Long-term debt due within one year                                                                                                                                                                            |   | $                | 11,087    |   |                 | $      | 63,546 |   |
| Accounts payable                                                                                                                                                                                              |   |             | 83,154    |   |                 |   | 117,337 |   |
| Retainage                                                                                                                                                                                                     |   |             | 28        |   |                 |   | 12,734 |   |
| Accounts payable – affiliate                                                                                                                                                                            |   |             | 2,861     |   |                 |   | 8,229 |   |
| Customer deposits                                                                                                                                                                                             |   |             | 30,511    |   |                 |   | 27,155 |   |
| Interest accrued                                                                                                                                                                                              |   |             | 11,123    |   |                 |   | 16,787 |   |
| Accumulated current deferred taxes, net                                                                                                                                                                       |   |             | 62,031    |   |                 |   | 64,838 |   |
| Risk management liability, net                                                                                                                                                                                |   |             | 29,858    |   |                 |   | 30,109 |   |
| Regulatory liabilities – other                                                                                                                                                                          |   |             | 131       |   |                 |   | 392 |   |
| Deferred compensation                                                                                                                                                                                         |   |             | 5,791     |   |                 |   | 5,118 |   |
| Other current liabilities                                                                                                                                                                                     |   |             | 13,146    |   |                 |   | 14,588 |   |
| Total current liabilities                                                                                                                                                                                     |   |             | 249,721   |   |                 |   | 360,833 |   |
| Deferred credits                                                                                                                                                                                              |   |             |      |   |                 |   |   |   |
| Accumulated deferred federal and state income taxes, net                                                                                                                                                      |   |             | 371,559   |   |                 |   | 373,825 |   |
| Accumulated deferred investment tax credits                                                                                                                                                                   |   |             | 10,620    |   |                 |   | 11,286 |   |
| Postretirement benefit obligations                                                                                                                                                                            |   |             | 155,602   |   |                 |   | 155,910 |   |
| Regulatory liabilities – other                                                                                                                                                                          |   |             | 120,644   |   |                 |   | 85,496 |   |
| Restricted storm reserve                                                                                                                                                                                      |   |             | 25,894    |   |                 |   | 27,411 |   |
| Uncertain tax positions                                                                                                                                                                                       |   |             | 81,401    |   |                 |   | 76,124 |   |
| Other deferred credits                                                                                                                                                                                        |   |             | 94,022    |   |                 |   | 82,635 |   |
| Total deferred credits                                                                                                                                                                                        |   |             | 859,742   |   |                 |   | 812,687 |   |
| Long-term debt, net                                                                                                                                                                                           |   |             | 1,238,757 |   |                 |   | 1,106,819 |   |
| Total liabilities                                                                                                                                                                                             |   |             | 2,348,220 |   |                 |   | 2,280,339 |   |
| Commitments and Contingencies (Note 10)                                                                                                                                                                       |   |             |      |   |                 |   |   |   |
| Shareholders’ equity                                                                                                                                                                                    |   |             |      |   |                 |   |   |   |
| Preferred stock                                                                                                                                                                                               |   |             |      |   |                 |   |   |   |
| Not subject to mandatory redemption, $100 par value, authorized 1,491,000 shares, issued 10,288 shares at  June 30, 2009 and December 31, 2008, respectively                                             |   |             | 1,029     |   |                 |   | 1,029 |   |
| Common shareholders’ equity                                                                                                                                                                             |   |             |      |   |                 |   |   |   |
| Common stock, $1 par value, authorized 100,000,000 shares, issued 60,207,811 and 60,066,345 shares and outstanding 60,187,035 and 60,042,514 shares at June 30, 2009 and December 31, 2008, respectively |   |             | 60,208    |   |                 |   | 60,066 |   |
| Premium on common stock                                                                                                                                                                                       |   |             | 396,608   |   |                 |   | 394,517 |   |
| Retained earnings                                                                                                                                                                                             |   |             | 621,902   |   |                 |   | 615,514 |   |
| Treasury stock, at cost, 20,776 and 23,831 shares at June 30, 2009 and December 31, 2008, respectively                                                                                                        |   |             | (366      | )      |                 |   | (428 | ) |
| Accumulated other comprehensive loss                                                                                                                                                                          |   |             | (9,830    | )      |                 |   | (9,833 | ) |
| Total common shareholders’ equity                                                                                                                                                                       |   |             | 1,068,522 |   |                 |   | 1,059,836 |   |
| Total shareholders’ equity                                                                                                                                                                              |   |             | 1,069,551 |   |                 |   | 1,060,865 |   |
| Total liabilities and shareholders’ equity                                                                                                                                                              |   | $                | 3,417,771 |   |                 | $      | 3,341,204 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.                                                                                                               |   |             |      |   |                 |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                            |   | FOR THE SIX MONTHS ENDED JUNE 30, |     |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|
| (THOUSANDS)                                                                                     |   | 2009                              |     |   | 2008 |   |
| Operating activities                                                                            |   |                              |     |   |   |   |
| Net income                                                                                      |   | $                                 | 33,675   |   |   | $ | 51,460 |   |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities:     |   |                              |     |   |   |   |   |   |
| Depreciation and amortization                                                                   |   |                              | 63,658   |   |   |   | 42,436 |   |
| Gain on sale of assets                                                                          |   |                              | -        |   |   |   | (99 | ) |
| Provision for doubtful accounts                                                                 |   |                              | 1,365    |   |   |   | 1,228 |   |
| Loss from equity investments                                                                    |   |                              | 14,876   |   |   |   | 6,939 |   |
| Unearned compensation expense                                                                   |   |                              | 2,458    |   |   |   | 1,654 |   |
| Allowance for other funds used during construction                                              |   |                              | (34,529  | ) |   |   | (28,677 | ) |
| Amortization of investment tax credits                                                          |   |                              | (666     | ) |   |   | (690 | ) |
| Net deferred income taxes                                                                       |   |                              | (18,972  | ) |   |   | (20,920 | ) |
| Deferred fuel costs                                                                             |   |                              | 16,600   |   |   |   | (36,677 | ) |
| Loss (gain) on economic hedges                                                                  |   |                              | 631      |   |   |   | (4,506 | ) |
| Cash surrender value of company-/trust-owned life insurance                                     |   |                              | (1,940   | ) |   |   | 772 |   |
| Changes in assets and liabilities:                                                              |   |                              |     |   |   |   |   |   |
| Accounts receivable                                                                             |   |                              | (3,100   | ) |   |   | (23,226 | ) |
| Accounts and notes receivable, affiliate                                                        |   |                              | (9,819   | ) |   |   | 2,020 |   |
| Unbilled revenue                                                                                |   |                              | (7,005   | ) |   |   | (6,446 | ) |
| Fuel, materials and supplies inventory                                                          |   |                              | (15,550  | ) |   |   | (2,504 | ) |
| Prepayments                                                                                     |   |                              | 1,892    |   |   |   | 1,971 |   |
| Accounts payable                                                                                |   |                              | (25,610  | ) |   |   | 20,023 |   |
| Accounts and notes payable, affiliate                                                           |   |                              | (19,305  | ) |   |   | (27,200 | ) |
| Customer deposits                                                                               |   |                              | 5,823    |   |   |   | 2,816 |   |
| Post retirement benefit obligation                                                              |   |                              | (308     | ) |   |   | (1,201 | ) |
| Regulatory assets and liabilities, net                                                          |   |                              | 31,972   |   |   |   | 22,297 |   |
| Other deferred accounts                                                                         |   |                              | (23,421  | ) |   |   | 12,255 |   |
| Retainage payable                                                                               |   |                              | (12,706  | ) |   |   | 8,291 |   |
| Taxes accrued                                                                                   |   |                              | 17,182   |   |   |   | 19,583 |   |
| Interest accrued                                                                                |   |                              | (5,664   | ) |   |   | (9,309 | ) |
| Risk management assets and liabilities, net                                                     |   |                              | (10,237  | ) |   |   | 19,566 |   |
| Other operating                                                                                 |   |                              | (1,347   | ) |   |   | 1,256 |   |
| Net cash (used in) provided by operating activities                                             |   |                              | (47      | ) |   |   | 53,112 |   |
| Investing activities                                                                            |   |                              |     |   |   |   |   |   |
| Additions to property, plant and equipment                                                      |   |                              | (131,690 | ) |   |   | (190,841 | ) |
| Allowance for other funds used during construction                                              |   |                              | 34,529   |   |   |   | 28,677 |   |
| Proceeds from sale of property, plant and equipment                                             |   |                              | 366      |   |   |   | 287 |   |
| Return of equity investment in investees                                                        |   |                              | -        |   |   |   | 7,860 |   |
| Equity investment in investees                                                                  |   |                              | (21,651  | ) |   |   | - |   |
| Premiums paid on company-/trust-owned life insurance                                            |   |                              | (400     | ) |   |   | (629 | ) |
| Settlements received from insurance policies                                                    |   |                              | -        |   |   |   | 941 |   |
| Transfer of cash from (to) restricted accounts                                                  |   |                              | 32,294   |   |   |   | (38,915 | ) |
| Other investing                                                                                 |   |                              | (2       | ) |   |   | 661 |   |
| Net cash used in investing activities                                                           |   |                              | (86,554  | ) |   |   | (191,959 | ) |
| Financing activities                                                                            |   |                              |     |   |   |   |   |   |
| Retirement of long-term obligations                                                             |   |                              | (60,017  | ) |   |   | (350,189 | ) |
| Repayment of capital leases                                                                     |   |                              | (643     | ) |   |   | (58 | ) |
| Issuance of long-term debt                                                                      |   |                              | 118,000  |   |   |   | 537,541 |   |
| Deferred financing costs                                                                        |   |                              | -        |   |   |   | (281 | ) |
| Dividends paid on preferred stock                                                               |   |                              | (23      | ) |   |   | (23 | ) |
| Dividends paid on common stock                                                                  |   |                              | (27,088  | ) |   |   | (27,007 | ) |
| Other financing                                                                                 |   |                              | 885      |   |   |   | 620 |   |
| Net cash provided by financing activities                                                       |   |                              | 31,114   |   |   |   | 160,603 |   |
| Net (decrease) increase in cash and cash equivalents                                            |   |                              | (55,487  | ) |   |   | 21,756 |   |
| Cash and cash equivalents at beginning of period                                                |   |                              | 97,483   |   |   |   | 129,013 |   |
| Cash and cash equivalents at end of period                                                      |   | $                                 | 41,996   |   |   | $ | 150,769 |   |
| Supplementary cash flow information                                                             |   |                              |     |   |   |   |   |   |
| Interest paid (net of amount capitalized)                                                       |   | $                                 | 39,396   |   |   | $ | 24,893 |   |
| Income taxes paid                                                                               |   | $                                 | 8,131    |   |   | $ | 40,180 |   |
| Supplementary non-cash investing and financing activities                                       |   |                              |     |   |   |   |   |   |
| Issuance of treasury stock – LTICP                                                        |   | $                                 | 62       |   |   | $ | 47 |   |
| Issuance of common stock – LTICP/ESPP                                                |   | $                                 | 146      |   |   | $ | 23 |   |
| Accrued additions to property, plant and equipment not reported above                           |   | $                                 | 7,083    |   |   | $ | 22,737 |   |
| Incurrence of capital lease obligation – barges                                           |   | $                                 | 22,050   |   |   | $ | - |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |   |                              |     |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                            |   | FOR THE THREE MONTHS ENDED JUNE 30, |    |
|-------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|
| (THOUSANDS)                                                                                     |   | 2009                                |    |   | 2008 |   |
| Operating revenue                                                                               |   |                                |    |   |   |   |
| Electric operations                                                                             |   | $                                   | 195,651 |   |   | $ | 259,581 |   |
| Other operations                                                                                |   |                                | 8,688   |   |   |   | 12,714 |   |
| Affiliate revenue                                                                               |   |                                | 349     |   |   |   | 594 |   |
| Operating revenue                                                                               |   |                                | 204,688 |   |   |   | 272,889 |   |
| Operating expenses                                                                              |   |                                |    |   |   |   |   |   |
| Fuel used for electric generation                                                               |   |                                | 50,326  |   |   |   | 22,887 |   |
| Power purchased for utility customers                                                           |   |                                | 56,547  |   |   |   | 151,949 |   |
| Other operations                                                                                |   |                                | 24,229  |   |   |   | 21,706 |   |
| Maintenance                                                                                     |   |                                | 13,675  |   |   |   | 13,645 |   |
| Depreciation                                                                                    |   |                                | 19,184  |   |   |   | 19,007 |   |
| Taxes other than income taxes                                                                   |   |                                | 7,654   |   |   |   | 8,181 |   |
| Total operating expenses                                                                        |   |                                | 171,615 |   |   |   | 237,375 |   |
| Operating income                                                                                |   |                                | 33,073  |   |   |   | 35,514 |   |
| Interest income                                                                                 |   |                                | 255     |   |   |   | 999 |   |
| Allowance for other funds used during construction                                              |   |                                | 17,538  |   |   |   | 14,993 |   |
| Other income                                                                                    |   |                                | 204     |   |   |   | 115 |   |
| Other expense                                                                                   |   |                                | (443    | ) |   |   | (518 | ) |
| Interest charges                                                                                |   |                                |    |   |   |   |   |   |
| Interest charges, including amortization of debt expenses, premium, and discount                |   |                                | 17,926  |   |   |   | 13,857 |   |
| Allowance for borrowed funds used during construction                                           |   |                                | (6,421  | ) |   |   | (5,026 | ) |
| Total interest charges                                                                          |   |                                | 11,505  |   |   |   | 8,831 |   |
| Income before income taxes                                                                      |   |                                | 39,122  |   |   |   | 42,272 |   |
| Federal and state income taxes                                                                  |   |                                | 8,916   |   |   |   | 9,610 |   |
| Net income                                                                                      |   | $                                   | 30,206  |   |   | $ | 32,662 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |   |                                |    |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                            |   | FOR THE SIX MONTHS ENDED JUNE 30, |    |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|
| (THOUSANDS)                                                                                     |   | 2009                              |    |   | 2008 |   |
| Operating revenue                                                                               |   |                              |    |   |   |   |
| Electric operations                                                                             |   | $                                 | 398,517 |   |   | $ | 469,462 |   |
| Other operations                                                                                |   |                              | 15,774  |   |   |   | 22,775 |   |
| Affiliate revenue                                                                               |   |                              | 697     |   |   |   | 1,102 |   |
| Operating revenue                                                                               |   |                              | 414,988 |   |   |   | 493,339 |   |
| Operating expenses                                                                              |   |                              |    |   |   |   |   |   |
| Fuel used for electric generation                                                               |   |                              | 138,629 |   |   |   | 68,423 |   |
| Power purchased for utility customers                                                           |   |                              | 102,265 |   |   |   | 241,743 |   |
| Other operations                                                                                |   |                              | 47,649  |   |   |   | 42,620 |   |
| Maintenance                                                                                     |   |                              | 23,104  |   |   |   | 22,838 |   |
| Depreciation                                                                                    |   |                              | 38,029  |   |   |   | 38,025 |   |
| Taxes other than income taxes                                                                   |   |                              | 15,363  |   |   |   | 15,995 |   |
| Total operating expenses                                                                        |   |                              | 365,039 |   |   |   | 429,644 |   |
| Operating income                                                                                |   |                              | 49,949  |   |   |   | 63,695 |   |
| Interest income                                                                                 |   |                              | 658     |   |   |   | 1,576 |   |
| Allowance for other funds used during construction                                              |   |                              | 34,529  |   |   |   | 28,677 |   |
| Other income                                                                                    |   |                              | 1,600   |   |   |   | 216 |   |
| Other expense                                                                                   |   |                              | (2,155  | ) |   |   | (864 | ) |
| Interest charges                                                                                |   |                              |    |   |   |   |   |   |
| Interest charges, including amortization of debt expenses, premium, and discount                |   |                              | 39,275  |   |   |   | 26,065 |   |
| Allowance for borrowed funds used during construction                                           |   |                              | (12,634 | ) |   |   | (9,603 | ) |
| Total interest charges                                                                          |   |                              | 26,641  |   |   |   | 16,462 |   |
| Income before income taxes                                                                      |   |                              | 57,940  |   |   |   | 76,838 |   |
| Federal and state income taxes                                                                  |   |                              | 12,716  |   |   |   | 16,569 |   |
| Net income                                                                                      |   | $                                 | 45,224  |   |   | $ | 60,269 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |   |                              |    |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| (THOUSANDS)                                                                                              |   | AT JUNE 30, 2009 |      |   | AT DECEMBER 31, 2008 |   |
|----------------------------------------------------------------------------------------------------------|--------|------------------|-----------|--------|----------------------|--------|
| Assets                                                                                                   |   |             |      |   |                 |   |
| Utility plant and equipment                                                                              |   |             |      |   |                 |   |
| Property, plant and equipment                                                                            |   | $                | 2,059,300 |   |                 | $      | 1,999,119 |   |
| Accumulated depreciation                                                                                 |   |             | (959,924  | )      |                 |   | (937,568 | ) |
| Net property, plant and equipment                                                                        |   |             | 1,099,376 |   |                 |   | 1,061,551 |   |
| Construction work in progress                                                                            |   |             | 1,056,024 |   |                 |   | 977,377 |   |
| Total utility plant, net                                                                                 |   |             | 2,155,400 |   |                 |   | 2,038,928 |   |
| Current assets                                                                                           |   |             |      |   |                 |   |   |   |
| Cash and cash equivalents                                                                                |   |             | 31,875    |   |                 |   | 91,542 |   |
| Restricted cash                                                                                          |   |             | 31,874    |   |                 |   | 62,311 |   |
| Customer accounts receivable (less allowance for doubtful accounts of $2,085 in 2009 and $1,632 in 2008) |   |             | 41,577    |   |                 |   | 40,677 |   |
| Other accounts receivable                                                                                |   |             | 31,160    |   |                 |   | 34,130 |   |
| Taxes receivable                                                                                         |   |             | -         |   |                 |   | 5,992 |   |
| Accounts receivable – affiliate                                                                    |   |             | 2,096     |   |                 |   | 2,059 |   |
| Unbilled revenue                                                                                         |   |             | 26,718    |   |                 |   | 19,713 |   |
| Fuel inventory, at average cost                                                                          |   |             | 69,847    |   |                 |   | 57,221 |   |
| Material and supplies inventory, at average cost                                                         |   |             | 40,472    |   |                 |   | 37,547 |   |
| Risk management assets, net                                                                              |   |             | 7,871     |   |                 |   | 368 |   |
| Prepayments                                                                                              |   |             | 1,919     |   |                 |   | 3,099 |   |
| Regulatory assets – other                                                                          |   |             | 2,553     |   |                 |   | 2,553 |   |
| Accumulated deferred fuel                                                                                |   |             | 51,466    |   |                 |   | 69,154 |   |
| Cash surrender value of life insurance policies                                                          |   |             | 5,603     |   |                 |   | 5,563 |   |
| Other current assets                                                                                     |   |             | 792       |   |                 |   | 1,144 |   |
| Total current assets                                                                                     |   |             | 345,823   |   |                 |   | 433,073 |   |
| Prepayments                                                                                              |   |             | 5,502     |   |                 |   | 6,067 |   |
| Restricted cash                                                                                          |   |             | 38,718    |   |                 |   | 40,574 |   |
| Regulatory assets and liabilities – deferred taxes, net                                            |   |             | 208,143   |   |                 |   | 174,804 |   |
| Regulatory assets – other                                                                          |   |             | 160,932   |   |                 |   | 158,206 |   |
| Intangible asset                                                                                         |   |             | 162,452   |   |                 |   | 167,826 |   |
| Other deferred charges                                                                                   |   |             | 20,907    |   |                 |   | 22,119 |   |
| Total assets                                                                                             |   | $                | 3,097,877 |   |                 | $      | 3,041,597 |   |
| Liabilities and member’s equity                                                                    |   |             |      |   |                 |   |   |   |
| Member’s equity                                                                                    |   | $                | 959,221   |   |                 | $      | 929,178 |   |
| Long-term debt, net                                                                                      |   |             | 1,120,757 |   |                 |   | 1,076,819 |   |
| Total capitalization                                                                                     |   |             | 2,079,978 |   |                 |   | 2,005,997 |   |
| Current liabilities                                                                                      |   |             |      |   |                 |   |   |   |
| Long-term debt due within one year                                                                       |   |             | 11,087    |   |                 |   | 63,546 |   |
| Accounts payable                                                                                         |   |             | 79,916    |   |                 |   | 109,450 |   |
| Accounts payable – affiliate                                                                       |   |             | 6,181     |   |                 |   | 7,536 |   |
| Retainage                                                                                                |   |             | 28        |   |                 |   | 12,734 |   |
| Customer deposits                                                                                        |   |             | 30,511    |   |                 |   | 27,155 |   |
| Taxes accrued                                                                                            |   |             | 56,739    |   |                 |   | - |   |
| Interest accrued                                                                                         |   |             | 11,471    |   |                 |   | 16,762 |   |
| Accumulated deferred taxes, net                                                                          |   |             | 63,686    |   |                 |   | 67,233 |   |
| Risk management liability, net                                                                           |   |             | 29,858    |   |                 |   | 30,109 |   |
| Regulatory liabilities – other                                                                     |   |             | 131       |   |                 |   | 392 |   |
| Other current liabilities                                                                                |   |             | 10,339    |   |                 |   | 10,200 |   |
| Total current liabilities                                                                                |   |             | 299,947   |   |                 |   | 345,117 |   |
| Deferred credits                                                                                         |   |             |      |   |                 |   |   |   |
| Accumulated deferred federal and state income taxes, net                                                 |   |             | 330,569   |   |                 |   | 337,148 |   |
| Accumulated deferred investment tax credits                                                              |   |             | 10,620    |   |                 |   | 11,286 |   |
| Postretirement benefit obligations                                                                       |   |             | 126,693   |   |                 |   | 128,373 |   |
| Regulatory liabilities – other                                                                     |   |             | 120,644   |   |                 |   | 85,496 |   |
| Restricted storm reserve                                                                                 |   |             | 25,894    |   |                 |   | 27,411 |   |
| Uncertain tax positions                                                                                  |   |             | 60,394    |   |                 |   | 54,306 |   |
| Other deferred credits                                                                                   |   |             | 43,138    |   |                 |   | 46,463 |   |
| Total deferred credits                                                                                   |   |             | 717,952   |   |                 |   | 690,483 |   |
| Total liabilities and member’s equity                                                              |   | $                | 3,097,877 |   |                 | $      | 3,041,597 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.          |   |             |      |   |                 |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                                                            |   | FOR THE SIX MONTHS ENDED JUNE 30, |     |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|
| (THOUSANDS)                                                                                     |   | 2009                              |     |   | 2008 |   |
| Operating activities                                                                            |   |                              |     |   |   |   |
| Net income                                                                                      |   | $                                 | 45,224   |   |   | $ | 60,269 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:               |   |                              |     |   |   |   |   |   |
| Depreciation and amortization                                                                   |   |                              | 43,967   |   |   |   | 41,519 |   |
| Provision for doubtful accounts                                                                 |   |                              | 1,365    |   |   |   | 1,223 |   |
| Unearned compensation expense                                                                   |   |                              | 770      |   |   |   | 447 |   |
| Allowance for other funds used during construction                                              |   |                              | (34,529  | ) |   |   | (28,677 | ) |
| Amortization of investment tax credits                                                          |   |                              | (666     | ) |   |   | (690 | ) |
| Net deferred income taxes                                                                       |   |                              | (23,102  | ) |   |   | (18,407 | ) |
| Deferred fuel costs                                                                             |   |                              | 16,600   |   |   |   | (36,677 | ) |
| Loss (gain) on economic hedges                                                                  |   |                              | 631      |   |   |   | (4,506 | ) |
| Cash surrender value of company-owned life insurance                                            |   |                              | (523     | ) |   |   | (211 | ) |
| Changes in assets and liabilities:                                                              |   |                              |     |   |   |   |   |   |
| Accounts receivable                                                                             |   |                              | (2,167   | ) |   |   | (23,641 | ) |
| Accounts and notes receivable, affiliate                                                        |   |                              | 84       |   |   |   | (1,327 | ) |
| Unbilled revenue                                                                                |   |                              | (7,005   | ) |   |   | (6,446 | ) |
| Fuel, materials and supplies inventory                                                          |   |                              | (15,550  | ) |   |   | (2,504 | ) |
| Prepayments                                                                                     |   |                              | 2,227    |   |   |   | 1,455 |   |
| Accounts payable                                                                                |   |                              | (20,878  | ) |   |   | 23,698 |   |
| Accounts and notes payable, affiliate                                                           |   |                              | (1,636   | ) |   |   | 17,878 |   |
| Customer deposits                                                                               |   |                              | 5,823    |   |   |   | 2,816 |   |
| Post retirement benefit obligations                                                             |   |                              | (1,680   | ) |   |   | (349 | ) |
| Regulatory assets and liabilities, net                                                          |   |                              | 31,972   |   |   |   | 22,297 |   |
| Other deferred accounts                                                                         |   |                              | (25,688  | ) |   |   | 6,581 |   |
| Retainage payable                                                                               |   |                              | (12,706  | ) |   |   | 8,291 |   |
| Taxes accrued                                                                                   |   |                              | 62,731   |   |   |   | 14,406 |   |
| Interest accrued                                                                                |   |                              | (5,291   | ) |   |   | (4,973 | ) |
| Risk management assets and liabilities, net                                                     |   |                              | (10,237  | ) |   |   | 19,566 |   |
| Other operating                                                                                 |   |                              | 331      |   |   |   | 566 |   |
| Net cash provided by operating activities                                                       |   |                              | 50,067   |   |   |   | 92,604 |   |
| Investing activities                                                                            |   |                              |     |   |   |   |   |   |
| Additions to property, plant and equipment                                                      |   |                              | (131,262 | ) |   |   | (190,258 | ) |
| Allowance for other funds used during construction                                              |   |                              | 34,529   |   |   |   | 28,677 |   |
| Proceeds from sale of property, plant and equipment                                             |   |                              | 366      |   |   |   | 286 |   |
| Premiums paid on company-owned life insurance                                                   |   |                              | -        |   |   |   | (424 | ) |
| Transfer of cash from (to) restricted accounts                                                  |   |                              | 32,294   |   |   |   | (38,913 | ) |
| Other investing                                                                                 |   |                              | (1       | ) |   |   | - |   |
| Net cash used in investing activities                                                           |   |                              | (64,074  | ) |   |   | (200,632 | ) |
| Financing activities                                                                            |   |                              |     |   |   |   |   |   |
| Retirement of long-term obligations                                                             |   |                              | (60,017  | ) |   |   | (250,189 | ) |
| Repayment of capital leases                                                                     |   |                              | (643     | ) |   |   | (58 | ) |
| Issuance of long-term debt                                                                      |   |                              | 30,000   |   |   |   | 489,541 |   |
| Distribution to parent                                                                          |   |                              | (15,000  | ) |   |   | - |   |
| Deferred financing costs                                                                        |   |                              | -        |   |   |   | (280 | ) |
| Net cash (used in) provided by financing activities                                             |   |                              | (45,660  | ) |   |   | 239,014 |   |
| Net (decrease) increase in cash and cash equivalents                                            |   |                              | (59,667  | ) |   |   | 130,986 |   |
| Cash and cash equivalents at beginning of period                                                |   |                              | 91,542   |   |   |   | 11,944 |   |
| Cash and cash equivalents at end of period                                                      |   | $                                 | 31,875   |   |   | $ | 142,930 |   |
| Supplementary cash flow information                                                             |   |                              |     |   |   |   |   |   |
| Interest paid (net of amount capitalized)                                                       |   | $                                 | 38,643   |   |   | $ | 21,206 |   |
| Income taxes paid                                                                               |   | $                                 | 8,104    |   |   | $ | 2,100 |   |
| Supplementary non-cash investing and financing activities                                       |   |                              |     |   |   |   |   |   |
| Accrued additions to property, plant and equipment not reported above                           |   | $                                 | 7,083    |   |   | $ | 22,737 |   |
| Incurrence of capital lease obligation – barges                                           |   | $                                 | 22,050   |   |   | $ | - |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |   |                              |     |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| Note 1  | Summary of Significant Accounting Policies                                        | Cleco Corporation and Cleco Power |
|---------|-----------------------------------------------------------------------------------|-----------------------------------|
| Note 2  | Recent Accounting Standards                                                       | Cleco Corporation and Cleco Power |
| Note 3  | Regulatory Assets and Liabilities                                                 | Cleco Corporation and Cleco Power |
| Note 4  | Fair Value Accounting                                                             | Cleco Corporation and Cleco Power |
| Note 5  | Debt                                                                              | Cleco Corporation and Cleco Power |
| Note 6  | Pension Plan and Employee Benefits                                                | Cleco Corporation and Cleco Power |
| Note 7  | Income Taxes                                                                      | Cleco Corporation and Cleco Power |
| Note 8  | Disclosures about Segments                                                        | Cleco Corporation                 |
| Note 9  | Equity Investment in Investees                                                    | Cleco Corporation                 |
| Note 10 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco Corporation and Cleco Power |
| Note 11 | Affiliate Transactions                                                            | Cleco Corporation and Cleco Power |
| Note 12 | Intangible Asset                                                                  | Cleco Corporation and Cleco Power |
| Note 13 | Subsequent Event                                                             | Cleco Corporation and Cleco Power |

----

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                             |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|----------------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
| (THOUSANDS)                      |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Realized (loss) gain             |   | $                                   | (534   | )      |                              | $      | 679 |   |   | $ | (882 | ) |   | $ | 788 |   |
| Mark-to-market  gain (loss) |   |                                | 512    |   |                              |   | 2,736 |   |   |   | (631 | ) |   |   | 4,506 |   |
| Total (loss) gain                |   | $                                   | (22    | )      |                              | $      | 3,415 |   |   | $ | (1,513 | ) |   | $ | 5,294 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                                        |   |   |   |   |   |   |       |            |   |   | FOR THE THREE MONTHS ENDED JUNE 30 |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|------------|-----------------|--------|--------|------------------------------------|--------|
|                                                                        |   |   |   |   |   |   |       | 2009            |   |   |                               |   |   |   |   |   | 2008 |   |
| (THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)                            |   | INCOME |   |   | SHARES |   |       | PER SHAREAMOUNT |   |   | INCOME                             |   |   | SHARES |   |   | PER SHAREAMOUNT |   |
| Net income                                                                  |   | $      | 27,026 |   |   |   |       |            |   |   |                               | $      | 29,389 |   |   |   |   |   |   |   |
| Deduct:  non-participating stock dividends (4.5% preferred stock) |   |   | 12     |   |   |   |       |            |   |   |                               |   | 12 |   |   |   |   |   |   |   |
| Basic earnings per share                                                    |   |   |   |   |   |   |       |            |   |   |                               |   |   |   |   |   |   |   |   |   |
| Net income applicable to common stock                                       |   | $      | 27,014 |   |   |   |       |            | $      | 0.45   |                               |   | $ | 29,377 |   |   |   |   |   | $ | 0.49 |   |
| Total basic net income applicable to common stock                           |   | $      | 27,014 |   |   |   | 60,175,528 |            |   | $      | 0.45                               |   |   | $ | 29,377 |   |   |   | 59,998,227 |   |   | $ | 0.49 |   |
| Effect of Dilutive Securities                                               |   |   |   |   |   |   |       |            |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Add:  stock option grants                                         |   |   |   |   |   |   | 22,557     |            |   |   |                               |   |   |   |   |   |   |   | 51,775 |   |   |   |   |   |
| Add:  restricted stock (LTICP)                                    |   |   |   |   |   |   | 253,580    |            |   |   |                               |   |   |   |   |   |   |   | 118,945 |   |   |   |   |   |
| Diluted earnings per share                                                  |   |   |   |   |   |   |       |            |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income applicable to common stock                                       |   | $      | 27,014 |   |   |   |       |            |   | $      | 0.45                               |   |   | $ | 29,377 |   |   |   |   |   |   | $ | 0.49 |   |
| Total diluted net income applicable to common stock                         |   | $      | 27,014 |   |   |   | 60,451,665 |            |   | $      | 0.45                               |   |   | $ | 29,377 |   |   |   | 60,168,947 |   |   | $ | 0.49 |   |

|                                                                        |   |   |   |   |   |   |       |            |   |   | FOR THE SIX MONTHS ENDED JUNE 30 |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|------------|-----------------|--------|--------|----------------------------------|--------|
|                                                                        |   |   |   |   |   |   |       | 2009            |   |   |                             |   |   |   |   |   | 2008 |   |
| (THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)                            |   | INCOME |   |   | SHARES |   |       | PER SHAREAMOUNT |   |   | INCOME                           |   |   | SHARES |   |   | PER SHAREAMOUNT |   |
| Net income                                                                  |   | $      | 33,675 |   |   |   |       |            |   |   |                             | $      | 51,460 |   |   |   |   |   |   |   |
| Deduct:  non-participating stock dividends (4.5% preferred stock) |   |   | 23     |   |   |   |       |            |   |   |                             |   | 23 |   |   |   |   |   |   |   |
| Basic earnings per share                                                    |   |   |   |   |   |   |       |            |   |   |                             |   |   |   |   |   |   |   |   |   |
| Net income applicable to common stock                                       |   | $      | 33,652 |   |   |   |       |            | $      | 0.56   |                             |   | $ | 51,437 |   |   |   |   |   | $ | 0.86 |   |
| Total basic net income applicable to common stock                           |   | $      | 33,652 |   |   |   | 60,132,358 |            |   | $      | 0.56                             |   |   | $ | 51,437 |   |   |   | 59,948,801 |   |   | $ | 0.86 |   |
| Effect of Dilutive Securities                                               |   |   |   |   |   |   |       |            |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Add:  stock option grants                                         |   |   |   |   |   |   | 24,855     |            |   |   |                             |   |   |   |   |   |   |   | 61,744 |   |   |   |   |   |
| Add:  restricted stock (LTICP)                                    |   |   |   |   |   |   | 122,690    |            |   |   |                             |   |   |   |   |   |   |   | 58,137 |   |   |   |   |   |
| Diluted earnings per share                                                  |   |   |   |   |   |   |       |            |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income applicable to common stock                                       |   | $      | 33,652 |   |   |   |       |            |   | $      | 0.56                             |   |   | $ | 51,437 |   |   |   |   |   |   | $ | 0.86 |   |
| Total diluted net income applicable to common stock                         |   | $      | 33,652 |   |   |   | 60,279,903 |            |   | $      | 0.56                             |   |   | $ | 51,437 |   |   |   | 60,068,682 |   |   | $ | 0.86 |   |

|                         | FOR THE THREE MONTHS ENDED JUNE 30, 2009 |
|------------------------------|------------------------------------------|
|                         | STRIKE PRICE                             |   | AVERAGEMARKET PRICE |   | SHARES |
| Stock option grants excluded | $ 22.25-$24.25                           |   | $21.42 |   | 135,533 |

|                         | FOR THE SIX MONTHS ENDED JUNE 30, 2009 |
|------------------------------|----------------------------------------|
|                         | STRIKE PRICE                           |   | AVERAGEMARKET PRICE |   | SHARES |
| Stock option grants excluded | $ 22.25-$24.25                         |   | $21.69 |   | 135,533 |

|                         | FOR THE THREE MONTHS ENDED JUNE 30, 2008 |
|------------------------------|------------------------------------------|
|                         | STRIKE PRICE                             |   | AVERAGEMARKET PRICE |   | SHARES |
| Stock option grants excluded | $ 24.00-$24.25                           |   | $23.63 |   | 45,767 |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                        | CLECO CORPORATION |   |   | CLECO POWER                         |   |   | CLECO CORPORATION |   |   | CLECO POWER                       |   |
|---------------------------------------------|-------------------|--------|--------|-------------------------------------|--------|--------|-------------------|--------|--------|-----------------------------------|--------|
|                                        |              |   |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |   |              |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
| (THOUSANDS)                                 | 2009              |   |   | 2008                                |   |   | 2009              |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Equity classification                       |              |   |   |                                |   |   |              |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-vested stock                            | $                 | 480    |   |                                | $      | 330    |              |   | $      | 122                               |   |   | $ | 80 |   |   | $ | 1,055 |   |   | $ | 783 |   |   | $ | 281 |   |   | $ | 197 |   |
| Stock options                               |              | 12     |   |                                |   | 14     |              |   |   | -                                 |   |   |   | - |   |   |   | 25 |   |   |   | 28 |   |   |   | - |   |   |   | - |   |
| Total                                       | $                 | 492    |   |                                | $      | 344    |              |   | $      | 122                               |   |   | $ | 80 |   |   | $ | 1,080 |   |   | $ | 811 |   |   | $ | 281 |   |   | $ | 197 |   |
| Liability classification                    |              |   |   |                                |   |   |              |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock equivalent units               | $                 | 211    |   |                                | $      | 781    |              |   | $      | 74                                |   |   | $ | 297 |   |   | $ | 1,174 |   |   | $ | 677 |   |   | $ | 489 |   |   | $ | 250 |   |
| Total pre-tax compensation expense          | $                 | 703    |   |                                | $      | 1,125  |              |   | $      | 196                               |   |   | $ | 377 |   |   | $ | 2,254 |   |   | $ | 1,488 |   |   | $ | 770 |   |   | $ | 447 |   |
| Tax benefit (excluding income tax gross-up) | $                 | 271    |   |                                | $      | 433    |              |   | $      | 75                                |   |   | $ | 145 |   |   | $ | 867 |   |   | $ | 573 |   |   | $ | 296 |   |   | $ | 172 |   |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                          |   | AT JUNE 30, |     |   | AT DECEMBER 31, |   |
|---------------------------------------------------------------|--------|-------------|----------|--------|-----------------|--------|
| (THOUSANDS)                                                   |   | 2009        |     |   | 2008            |   |
| Regulatory assets and liabilities – deferred taxes, net |   | $           | 208,143  |   |            | $      | 174,804 |   |
| Deferred mining costs                                         |   | $           | 25,490   |   |            | $      | 26,811 |   |
| Deferred interest costs                                       |   |        | 7,590    |   |            |   | 7,779 |   |
| Deferred asset removal costs                                  |   |        | 685      |   |            |   | 658 |   |
| Deferred postretirement plan costs                            |   |        | 111,251  |   |            |   | 112,213 |   |
| Deferred tree trimming costs                                  |   |        | 9,420    |   |            |   | 5,915 |   |
| Deferred training costs                                       |   |        | 3,522    |   |            |   | 2,520 |   |
| Deferred storm surcredit, net                                 |   |        | 5,527    |   |            |   | 4,863 |   |
| Regulatory assets – other                               |   | $           | 163,485  |   |            | $      | 160,759 |   |
| Deferred fuel transportation revenue                          |   | $           | (131     | )      |            | $      | (392 | ) |
| Deferred construction carrying costs                          |   |        | (120,644 | )      |            |   | (85,496 | ) |
| Regulatory liabilities – other                          |   | $           | (120,775 | )      |            | $      | (85,888 | ) |
| Deferred fuel and purchased power                             |   |        | 51,466   |   |            |   | 69,154 |   |
| Total regulatory assets and liabilities, net                  |   | $           | 302,319  |   |            | $      | 318,829 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                                |   |          |      |   | AT JUNE 30,         |   |      | AT DECEMBER 31, |   |
|-----------------------------------------------------|--------|---------------|-----------|--------|---------------------|--------|-----------|-----------------|--------|
|                                                |   |          |      |   | 2009                |   |      |            |   |   | 2008 |   |
| (THOUSANDS)                                         |   | CARRYINGVALUE |      |   | ESTIMATEDFAIR VALUE |   |      | CARRYINGVALUE   |   |   | ESTIMATEDFAIR VALUE |   |
| Financial instruments not marked-to-market          |   |          |      |   |                |   |      |            |   |   |   |   |
| Cash and cash equivalents                           |   | $             | 41,996    |   |                | $      | 41,996    |            |   | $ | 97,483 |   |   | $ | 97,483 |   |
| Restricted cash                                     |   | $             | 70,689    |   |                | $      | 70,689    |            |   | $ | 102,982 |   |   | $ | 102,982 |   |
| Long-term debt, excluding debt issuance costs       |   | $             | 1,232,298 |   |                | $      | 1,214,714 |            |   | $ | 1,172,874 |   |   | $ | 1,110,171 |   |
| Preferred stock not subject to mandatory redemption |   | $             | 1,029     |   |                | $      | 679       |            |   | $ | 1,029 |   |   | $ | 699 |   |

|                                   |   |          |    |   |                                           |   |    | AT JUNE 30,         |   |   |                |   |   | AT DECEMBER 31,                               |    |
|----------------------------------------|--------|---------------|---------|--------|------------------------------------------------|--------|---------|---------------------|--------|--------|---------------------|--------|--------|-----------------------------------------------|---------|
|                                   |   |          |    |   |                                           |   |    | 2009                |   |   |                |   |   |                                          |    |   | 2008 |   |
| (THOUSANDS)                            |   | ORIGINALVALUE |    |   | OTHER UNREALIZEDGAINS (LOSSES)DURINGTHE PERIOD |   |    | ESTIMATEDFAIR VALUE |   |   | ORIGINAL VALUE |   |   | OTHERUNREALIZEDGAINS (LOSSES)DURING THEPERIOD |    |   | ESTIMATEDFAIR VALUE |   |
| Financial instruments marked-to-market |   |          |    |   |                                           |   |    |                |   |   |                |   |   |                                          |    |   |   |   |
| Energy market positions                |   |          |    |   |                                           |   |    |                |   |   |                |   |   |                                          |    |   |   |   |
| Assets                                 |   | $             | 138,950 |   |                                           | $      | (35,155 | )                   |   | $      | 103,441             |   |   | $                                             | 159,432 |   |   | $ | (47,293 | ) |   | $ | 117,851 |   |
| Liabilities                            |   | $             | 199,536 |   |                                           | $      | (17,916 | )                   |   | $      | 181,620             |   |   | $                                             | 221,083 |   |   | $ | (10,315 | ) |   | $ | 210,768 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                          |   |          |      |   | AT JUNE 30,         |   |      | AT DECEMBER 31, |   |
|-----------------------------------------------|--------|---------------|-----------|--------|---------------------|--------|-----------|-----------------|--------|
|                                          |   |          |      |   | 2009                |   |      |            |   |   | 2008 |   |
| (THOUSANDS)                                   |   | CARRYINGVALUE |      |   | ESTIMATEDFAIR VALUE |   |      | CARRYINGVALUE   |   |   | ESTIMATEDFAIR VALUE |   |
| Financial instruments not marked-to-market    |   |          |      |   |                |   |      |            |   |   |   |   |
| Cash and cash equivalents                     |   | $             | 31,875    |   |                | $      | 31,875    |            |   | $ | 91,542 |   |   | $ | 91,542 |   |
| Restricted cash                               |   | $             | 70,592    |   |                | $      | 70,592    |            |   | $ | 102,885 |   |   | $ | 102,885 |   |
| Long-term debt, excluding debt issuance costs |   | $             | 1,114,298 |   |                | $      | 1,096,714 |            |   | $ | 1,142,874 |   |   | $ | 1,080,171 |   |

|                                   |   |          |    |   |                                            |   |    | AT JUNE 30,         |   |   |          |   |   | AT DECEMBER 31,                               |    |
|----------------------------------------|--------|---------------|---------|--------|-------------------------------------------------|--------|---------|---------------------|--------|--------|---------------|--------|--------|-----------------------------------------------|---------|
|                                   |   |          |    |   |                                            |   |    | 2009                |   |   |          |   |   |                                          |    |   | 2008 |   |
| (THOUSANDS)                            |   | ORIGINALVALUE |    |   | OTHER UNREALIZEDGAINS (LOSSES) DURINGTHE PERIOD |   |    | ESTIMATEDFAIR VALUE |   |   | ORIGINALVALUE |   |   | OTHERUNREALIZEDGAINS (LOSSES)DURING THEPERIOD |    |   | ESTIMATEDFAIR VALUE |   |
| Financial instruments marked-to-market |   |          |    |   |                                            |   |    |                |   |   |          |   |   |                                          |    |   |   |   |
| Energy market positions                |   |          |    |   |                                            |   |    |                |   |   |          |   |   |                                          |    |   |   |   |
| Assets                                 |   | $             | 138,950 |   |                                            | $      | (35,155 | )                   |   | $      | 103,441       |   |   | $                                             | 159,432 |   |   | $ | (47,293 | ) |   | $ | 117,851 |   |
| Liabilities                            |   | $             | 199,536 |   |                                            | $      | (17,916 | )                   |   | $      | 181,620       |   |   | $                                             | 221,083 |   |   | $ | (10,315 | ) |   | $ | 210,768 |   |

| §   | Level 1 – unadjusted quoted prices in active, liquid markets for the identical asset or liability; |
|--------------------|----------------------------------------------------------------------------------------------------------|

| §   | Level 2 – quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, including inputs that can be corroborated by observable market data, observable interest rate yield curves and volatilities; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Level 3 – unobservable inputs based upon the entities’ own assumptions. |
|--------------------|-------------------------------------------------------------------------------------|

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

| CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: |   |
|---------------------------------------------------------------------|--------|
| (THOUSANDS)                                                         |   | AT JUNE 30, 2009 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |   | AT DECEMBER 31, 2008 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |
| Asset Description                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                                         |   | $ | 305 |   |   | $ | 9 |   |   | $ | 296 |   |   | $ | - |   |   | $ | 3,687 |   |   | $ | - |   |   | $ | 3,687 |   |   | $ | - |   |
| Institutional money market  funds                              |   |   | 108,548 |   |   |   | - |   |   |   | 108,548 |   |   |   | - |   |   |   | 204,789 |   |   |   | - |   |   |   | 204,789 |   |   |   | - |   |
| Total                                                               |   | $ | 108,853 |   |   | $ | 9 |   |   | $ | 108,844 |   |   | $ | - |   |   | $ | 208,476 |   |   | $ | - |   |   | $ | 208,476 |   |   | $ | - |   |

| CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: |   |
|---------------------------------------------------------------------|--------|
| (THOUSANDS)                                                         |   | AT JUNE 30, 2009 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALLIABILITIES(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |   | AT DECEMBER 31, 2008 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALLIABILITIES(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |
| Liability Description                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                                         |   | $ | 53,376 |   |   | $ | 16,132 |   |   | $ | 37,244 |   |   | $ | - |   |   | $ | 61,295 |   |   | $ | 13,757 |   |   | $ | 47,538 |   |   | $ | - |   |

| CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: |   |
|--------------------------------------------------------------|--------|
| (THOUSANDS)                                                  |   | AT JUNE 30, 2009 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |   | AT DECEMBER 31, 2008 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |
| Asset Description                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                                  |   | $ | 305 |   |   | $ | 9 |   |   | $ | 296 |   |   | $ | - |   |   | $ | 3,687 |   |   | $ | - |   |   | $ | 3,687 |   |   | $ | - |   |
| Institutional money market  funds                       |   |   | 98,548 |   |   |   | - |   |   |   | 98,548 |   |   |   | - |   |   |   | 198,989 |   |   |   | - |   |   |   | 198,989 |   |   |   | - |   |
| Total                                                        |   | $ | 98,853 |   |   | $ | 9 |   |   | $ | 98,844 |   |   | $ | - |   |   | $ | 202,676 |   |   | $ | - |   |   | $ | 202,676 |   |   | $ | - |   |

| CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: |   |
|--------------------------------------------------------------|--------|
| (THOUSANDS)                                                  |   | AT JUNE 30, 2009 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALLIABILITIES(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |   | AT DECEMBER 31, 2008 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALLIABILITIES(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |
| Liability Description                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                                  |   | $ | 53,376 |   |   | $ | 16,132 |   |   | $ | 37,244 |   |   | $ | - |   |   | $ | 61,295 |   |   | $ | 13,757 |   |   | $ | 47,538 |   |   | $ | - |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                        | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |   |
|-----------------------------|---------------------------------------------------|--------|
|                        | LIABILITY DERIVATIVES                             |   |
| (THOUSANDS)AT JUNE 30, 2009 | BALANCE SHEET LINE ITEM                           |   | FAIR VALUE |   |
| Commodity contracts         |                                              |   |   |   |
| Economic hedges:            |                                              |   |   |   |
| Current                     | Risk management liability, net                    |   | $ | 803 |   |
| Long-term                   | Other deferred credits                            |   |   | 66 |   |
| Fuel cost hedges:           |                                              |   |   |   |   |
| Current                     | Risk management liability, net                    |   |   | 46,663 |   |
| Long-term                   | Other deferred credits                            |   |   | 5,539 |   |
| Total                       |                                              |   | $ | 53,071 |   |

| (THOUSANDS)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | LOSS IN INCOME OF DERIVATIVES LINE ITEM |   | AMOUNT OF LOSS RECOGNIZED IN INCOME ON DERIVATIVESTHREE MONTHS ENDEDJUNE 30, 2009 |   |   | AMOUNT OF LOSS RECOGNIZED IN INCOME ON DERIVATIVES SIX MONTHS ENDED JUNE 30, 2009 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|--------|-----------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|
| Commodity contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                    |   |                                                                              |   |   |                                                                                        |   |
| Economic hedges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Other operations revenue                |   | $                                                                                 | 22     | (1)    |                                                                                        | $      | 1,513 | (2) |
| Fuel cost hedges(3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Fuel used for electric generation       |   |                                                                              | 22,511 |   |                                                                                        |   | 46,380 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                    |   | $                                                                                 | 22,533 |   |                                                                                        | $      | 47,893 |   |
| (1)For the three months ended June 30, 2009, Cleco recognized $0.5 million of mark-to-market gains related to economic hedges.                                                                                                                                                                                                                                                                                                                                                                                      |                                    |
| (2)For the six months ended June 30, 2009, Cleco recognized $0.6 million of mark-to-market losses related to economic hedges.                                                                                                                                                                                                                                                                                                                                                                                       |                                    |
| (3)In accordance with SFAS No. 71, an additional $52.2 million of unrealized losses and $8.4 million of deferred losses associated with fuel cost hedges are reported in Accumulated Deferred Fuelon the balance sheet. As gains and losses are realized in future periods, they will be recorded as Fuel Used for Electric Generation on the Income Statement. For more information, see Note 3 — “Regulatory Assets and Liabilities — Deferred Fuel and Purchased Power Costs.” |                                    |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

|                                 |   | PENSION BENEFITS                    |   |   | OTHER BENEFITS |   |
|--------------------------------------|--------|-------------------------------------|--------|--------|----------------|--------|
|                                 |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
| (THOUSANDS)                          |   | 2009                                |   |   | 2008           |   |   | 2009 |   |   | 2008 |   |
| Components of periodic benefit costs |   |                                |   |   |           |   |   |   |   |   |   |   |
| Service cost                         |   | $                                   | 1,729  |   |           | $      | 1,470 |   |   | $ | 353 |   |   | $ | 350 |   |
| Interest cost                        |   |                                | 4,095  |   |           |   | 3,964 |   |   |   | 495 |   |   |   | 458 |   |
| Expected return on plan assets       |   |                                | (5,073 | )      |           |   | (5,044 | ) |   |   | - |   |   |   | - |   |
| Transition obligation                |   |                                | -      |   |           |   | - |   |   |   | 5 |   |   |   | 5 |   |
| Prior period service credit (cost)   |   |                                | 481    |   |           |   | (18 | ) |   |   | (516 | ) |   |   | (534 | ) |
| Net loss                             |   |                                | -      |   |           |   | - |   |   |   | 231 |   |   |   | 250 |   |
| Net periodic benefit cost            |   | $                                   | 1,232  |   |           | $      | 372 |   |   | $ | 568 |   |   | $ | 529 |   |

|                                 |   | PENSION BENEFITS                  |    |   | OTHER BENEFITS |   |
|--------------------------------------|--------|-----------------------------------|---------|--------|----------------|--------|
|                                 |   | FOR THE SIX MONTHS ENDED JUNE 30, |    |
| (THOUSANDS)                          |   | 2009                              |    |   | 2008           |   |   | 2009 |   |   | 2008 |   |
| Components of periodic benefit costs |   |                              |    |   |           |   |   |   |   |   |   |   |
| Service cost                         |   | $                                 | 3,459   |   |           | $      | 2,939 |   |   | $ | 706 |   |   | $ | 699 |   |
| Interest cost                        |   |                              | 8,190   |   |           |   | 7,928 |   |   |   | 990 |   |   |   | 916 |   |
| Expected return on plan assets       |   |                              | (10,147 | )      |           |   | (10,089 | ) |   |   | - |   |   |   | - |   |
| Transition obligation                |   |                              | -       |   |           |   | - |   |   |   | 10 |   |   |   | 10 |   |
| Prior period service credit (cost)   |   |                              | 962     |   |           |   | (35 | ) |   |   | (1,032 | ) |   |   | (1,068 | ) |
| Net loss                             |   |                              | -       |   |           |   | - |   |   |   | 463 |   |   |   | 500 |   |
| Net periodic benefit cost            |   | $                                 | 2,464   |   |           | $      | 743 |   |   | $ | 1,137 |   |   | $ | 1,057 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                 |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|--------------------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
| (THOUSANDS)                          |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Components of periodic benefit costs |   |                                |   |   |                              |   |   |   |   |   |   |   |
| Service cost                         |   | $                                   | 375    |   |                              | $      | 359 |   |   | $ | 750 |   |   | $ | 717 |   |
| Interest cost                        |   |                                | 700    |   |                              |   | 445 |   |   |   | 1,400 |   |   |   | 889 |   |
| Prior period service cost            |   |                                | 14     |   |                              |   | 13 |   |   |   | 27 |   |   |   | 27 |   |
| Net loss                             |   |                                | 254    |   |                              |   | 254 |   |   |   | 508 |   |   |   | 508 |   |
| Net periodic benefit cost            |   | $                                   | 1,343  |   |                              | $      | 1,071 |   |   | $ | 2,685 |   |   | $ | 2,141 |   |

|                |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|---------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
| (THOUSANDS)         |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| 401(k) Plan expense |   | $                                   | 811    |   |                              | $      | 681 |   |   | $ | 1,950 |   |   | $ | 1,692 |   |

----

|              |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|-------------------|--------|-------------------------------------|--------|
|              |   | 2009                                |   |   | 2008 |   |
| Cleco Corporation |   |                                | 20.5   | % |   |   | 19.2 | % |
| Cleco Power       |   |                                | 22.8   | % |   |   | 22.7 | % |

|              |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|-------------------|--------|-----------------------------------|--------|
|              |   | 2009                              |   |   | 2008 |   |
| Cleco Corporation |   |                              | 19.7   | % |   |   | 19.0 | % |
| Cleco Power       |   |                              | 21.9   | % |   |   | 21.6 | % |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                              |   | CLECO                                        |      |   |      |   |    | RECONCILING |   |   |         |   |   |         |     |
|-------------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|-----------|--------|---------|-------------|--------|--------|--------------|--------|--------|--------------|----------|
| 2009 (THOUSANDS)                                                  |   | POWER                                        |      |   | MIDSTREAM |   |    | ITEMS       |   |   | ELIMINATIONS |   |   | CONSOLIDATED |     |
| Revenue                                                           |   |                                         |      |   |      |   |    |        |   |   |         |   |   |         |     |
| Electric operations                                               |   | $                                            | 195,651   |   |      | $      | -       |        |   | $      | -            |   |   | $            | -        |   |   | $ | 195,651 |   |
| Other operations                                                  |   |                                         | 8,688     |   |      |   | -       |        |   |   | 28           |   |   |         | (4       | ) |   |   | 8,712 |   |
| Affiliate revenue                                                 |   |                                         | 6         |   |      |   | 2,177   |        |   |   | 665          |   |   |         | -        |   |   |   | 2,848 |   |
| Intercompany revenue                                              |   |                                         | 343       |   |      |   | -       |        |   |   | 10,530       |   |   |         | (10,858  | ) |   |   | 15 |   |
| Operating revenue                                                 |   | $                                            | 204,688   |   |      | $      | 2,177   |        |   | $      | 11,223       |   |   | $            | (10,862  | ) |   | $ | 207,226 |   |
| Depreciation expense                                              |   | $                                            | 19,184    |   |      | $      | 44      |        |   | $      | 251          |   |   | $            | -        |   |   | $ | 19,479 |   |
| Interest charges                                                  |   | $                                            | 11,505    |   |      | $      | 3,338   |        |   | $      | 239          |   |   | $            | (1,353   | ) |   | $ | 13,729 |   |
| Interest income                                                   |   | $                                            | 255       |   |      | $      | -       |        |   | $      | 1,369        |   |   | $            | (1,353   | ) |   | $ | 271 |   |
| Equity (loss) income from investees                               |   | $                                            | -         |   |      | $      | (3,741  | )           |   | $      | 616          |   |   | $            | -        |   |   | $ | (3,125 | ) |
| Federal and state income tax expense (benefit)                    |   | $                                            | 8,916     |   |      | $      | (2,975  | )           |   | $      | 1,008        |   |   | $            | -        |   |   | $ | 6,949 |   |
| Segment profit (loss) (1)                                         |   | $                                            | 30,206    |   |      | $      | (4,757  | )           |   | $      | 1,577        |   |   | $            | -        |   |   | $ | 27,026 |   |
| Additions to long-lived assets                                    |   | $                                            | 59,974    |   |      | $      | 48      |        |   | $      | 201          |   |   | $            | -        |   |   | $ | 60,223 |   |
| Equity investment in investees                                    |   | $                                            | -         |   |      | $      | 232,605 |        |   | $      | 15,880       |   |   | $            | -        |   |   | $ | 248,485 |   |
| Total segment assets                                              |   | $                                            | 3,097,877 |   |      | $      | 254,857 |        |   | $      | 398,653      |   |   | $            | (333,616 | ) |   | $ | 3,417,771 |   |
| (1) Reconciliation of segment profit to consolidated profit: |   | Segment profit                               |      |   |      |   |    |        |   |   |         |   | $      | 27,026       |     |   |   |   |   |
|                                                              |   | Unallocated items:                           |      |   |      |   |    |        |   |   |         |   |   |         |     |
|                                                              |   | Preferred dividends requirements, net of tax |      |   |      |   |    | 12          |   |   |         |   |   |
|                                                              |   | Net income applicable to common stock        |      |   | $         | 27,014 |    |        |   |   |         |

|                                                              |   | CLECO                                        |      |   |      |   |    | RECONCILING |   |   |         |   |   |         |     |
|-------------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|-----------|--------|---------|-------------|--------|--------|--------------|--------|--------|--------------|----------|
| 2008 (THOUSANDS)                                                  |   | POWER                                        |      |   | MIDSTREAM |   |    | ITEMS       |   |   | ELIMINATIONS |   |   | CONSOLIDATED |     |
| Revenue                                                           |   |                                         |      |   |      |   |    |        |   |   |         |   |   |         |     |
| Electric operations                                               |   | $                                            | 259,581   |   |      | $      | -       |        |   | $      | -            |   |   | $            | -        |   |   | $ | 259,581 |   |
| Other operations                                                  |   |                                         | 12,714    |   |      |   | -       |        |   |   | 47           |   |   |         | (3       | ) |   |   | 12,758 |   |
| Affiliate revenue                                                 |   |                                         | 8         |   |      |   | 1,831   |        |   |   | 609          |   |   |         | -        |   |   |   | 2,448 |   |
| Intercompany revenue                                              |   |                                         | 586       |   |      |   | 11      |        |   |   | 10,406       |   |   |         | (11,003  | ) |   |   | - |   |
| Operating revenue, net                                            |   | $                                            | 272,889   |   |      | $      | 1,842   |        |   | $      | 11,062       |   |   | $            | (11,006  | ) |   | $ | 274,787 |   |
| Depreciation expense                                              |   | $                                            | 19,007    |   |      | $      | 76      |        |   | $      | 253          |   |   | $            | -        |   |   | $ | 19,336 |   |
| Interest charges                                                  |   | $                                            | 8,831     |   |      | $      | 1,522   |        |   | $      | 1,099        |   |   | $            | (1,531   | ) |   | $ | 9,921 |   |
| Interest income                                                   |   | $                                            | 999       |   |      | $      | -       |        |   | $      | 1,789        |   |   | $            | (1,530   | ) |   | $ | 1,258 |   |
| Equity (loss) income from investees                               |   | $                                            | -         |   |      | $      | (2,549  | )           |   | $      | 184          |   |   | $            | -        |   |   | $ | (2,365 | ) |
| Federal and state income tax expense (benefit)                    |   | $                                            | 9,610     |   |      | $      | (1,879  | )           |   | $      | (732         | )      |   | $            | -        |   |   | $ | 6,999 |   |
| Segment profit (loss) (1)                                         |   | $                                            | 32,662    |   |      | $      | (2,912  | )           |   | $      | (361         | )      |   | $            | -        |   |   | $ | 29,389 |   |
| Additions to long-lived assets                                    |   | $                                            | 77,748    |   |      | $      | 37      |        |   | $      | 421          |   |   | $            | -        |   |   | $ | 78,206 |   |
| Equity investment in investees (2)                                |   | $                                            | -         |   |      | $      | 234,273 |        |   | $      | 14,871       |   |   | $            | -        |   |   | $ | 249,144 |   |
| Total segment assets (2)                                          |   | $                                            | 3,041,597 |   |      | $      | 250,882 |        |   | $      | 324,232      |   |   | $            | (275,507 | ) |   | $ | 3,341,204 |   |
| (1) Reconciliation of segment profit to consolidated profit: |   | Segment profit                               |      |   |      |   |    |        |   |   |         |   | $      | 29,389       |     |   |   |   |   |
| (2) Balances as of December 31, 2008                         |   | Unallocated items:                           |      |   |      |   |    |        |   |   |         |   |   |         |     |
|                                                              |   | Preferred dividends requirements, net of tax |      |   |      |   |    |        |   | 12     |         |   |   |         |     |
|                                                              |   | Net income applicable to common stock        |      |   | $         | 29,377 |    |        |   |   |         |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                              |   | CLECO                                        |      |   |      |   |    | RECONCILING |   |   |         |   |   |         |     |
|-------------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|-----------|--------|---------|-------------|--------|--------|--------------|--------|--------|--------------|----------|
| 2009 (THOUSANDS)                                                  |   | POWER                                        |      |   | MIDSTREAM |   |    | ITEMS       |   |   | ELIMINATIONS |   |   | CONSOLIDATED |     |
| Revenue                                                           |   |                                         |      |   |      |   |    |        |   |   |         |   |   |         |     |
| Electric operations                                               |   | $                                            | 398,517   |   |      | $      | -       |        |   | $      | -            |   |   | $            | -        |   |   | $ | 398,517 |   |
| Other operations                                                  |   |                                         | 15,774    |   |      |   | -       |        |   |   | 52           |   |   |         | (6       | ) |   |   | 15,820 |   |
| Affiliate revenue                                                 |   |                                         | 12        |   |      |   | 4,540   |        |   |   | 1,258        |   |   |         | -        |   |   |   | 5,810 |   |
| Intercompany revenue                                              |   |                                         | 685       |   |      |   | -       |        |   |   | 20,631       |   |   |         | (21,301  | ) |   |   | 15 |   |
| Operating revenue                                                 |   | $                                            | 414,988   |   |      | $      | 4,540   |        |   | $      | 21,941       |   |   | $            | (21,307  | ) |   | $ | 420,162 |   |
| Depreciation expense                                              |   | $                                            | 38,029    |   |      | $      | 88      |        |   | $      | 496          |   |   | $            | -        |   |   | $ | 38,613 |   |
| Interest charges                                                  |   | $                                            | 26,641    |   |      | $      | 4,637   |        |   | $      | 204          |   |   | $            | (2,650   | ) |   | $ | 28,832 |   |
| Interest income                                                   |   | $                                            | 658       |   |      | $      | -       |        |   | $      | 2,674        |   |   | $            | (2,650   | ) |   | $ | 682 |   |
| Equity (loss) income from investees                               |   | $                                            | -         |   |      | $      | (15,891 | )           |   | $      | 1,015        |   |   | $            | -        |   |   | $ | (14,876 | ) |
| Federal and state income tax expense (benefit)                    |   | $                                            | 12,716    |   |      | $      | (8,392  | )           |   | $      | 3,951        |   |   | $            | -        |   |   | $ | 8,275 |   |
| Segment profit (loss) (1)                                         |   | $                                            | 45,224    |   |      | $      | (13,409 | )           |   | $      | 1,860        |   |   | $            | -        |   |   | $ | 33,675 |   |
| Additions to long-lived assets                                    |   | $                                            | 121,410   |   |      | $      | 52      |        |   | $      | 377          |   |   | $            | -        |   |   | $ | 121,839 |   |
| Equity investment in investees                                    |   | $                                            | -         |   |      | $      | 232,605 |        |   | $      | 15,880       |   |   | $            | -        |   |   | $ | 248,485 |   |
| Total segment assets                                              |   | $                                            | 3,097,877 |   |      | $      | 254,857 |        |   | $      | 398,653      |   |   | $            | (333,616 | ) |   | $ | 3,417,771 |   |
| (1) Reconciliation of segment profit to consolidated profit: |   | Segment profit                               |      |   |      |   |    |        |   |   |         |   | $      | 33,675       |     |   |   |   |   |
|                                                              |   | Unallocated items:                           |      |   |      |   |    |        |   |   |         |   |   |         |     |
|                                                              |   | Preferred dividends requirements, net of tax |      |   |      |   |    |        | 23     |   |         |   |   |         |
|                                                              |   | Net income applicable to common stock        |      |   | $         | 33,652 |    |        |   |   |         |

|                                                              |   | CLECO                                        |      |   |      |   |    | RECONCILING |   |   |         |   |   |         |     |
|-------------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|-----------|--------|---------|-------------|--------|--------|--------------|--------|--------|--------------|----------|
| 2008 (THOUSANDS)                                                  |   | POWER                                        |      |   | MIDSTREAM |   |    | ITEMS       |   |   | ELIMINATIONS |   |   | CONSOLIDATED |     |
| Revenue                                                           |   |                                         |      |   |      |   |    |        |   |   |         |   |   |         |     |
| Electric operations                                               |   | $                                            | 469,462   |   |      | $      | -       |        |   | $      | -            |   |   | $            | -        |   |   | $ | 469,462 |   |
| Other operations                                                  |   |                                         | 22,775    |   |      |   | 1       |        |   |   | 51           |   |   |         | (6       | ) |   |   | 22,821 |   |
| Affiliate revenue                                                 |   |                                         | 14        |   |      |   | 3,749   |        |   |   | 1,291        |   |   |         | -        |   |   |   | 5,054 |   |
| Intercompany revenue                                              |   |                                         | 1,088     |   |      |   | 12      |        |   |   | 19,886       |   |   |         | (20,986  | ) |   |   | - |   |
| Operating revenue                                                 |   | $                                            | 493,339   |   |      | $      | 3,762   |        |   | $      | 21,228       |   |   | $            | (20,992  | ) |   | $ | 497,337 |   |
| Depreciation expense                                              |   | $                                            | 38,025    |   |      | $      | 152     |        |   | $      | 509          |   |   | $            | -        |   |   | $ | 38,686 |   |
| Interest charges                                                  |   | $                                            | 16,462    |   |      | $      | 3,491   |        |   | $      | 3,221        |   |   | $            | (3,512   | ) |   | $ | 19,662 |   |
| Interest income                                                   |   | $                                            | 1,576     |   |      | $      | -       |        |   | $      | 4,809        |   |   | $            | (3,510   | ) |   | $ | 2,875 |   |
| Equity (loss) income from investees                               |   | $                                            | -         |   |      | $      | (7,563  | )           |   | $      | 624          |   |   | $            | -        |   |   | $ | (6,939 | ) |
| Federal and state income tax expense (benefit)                    |   | $                                            | 16,569    |   |      | $      | (4,681  | )           |   | $      | 172          |   |   | $            | -        |   |   | $ | 12,060 |   |
| Segment profit (loss) (1)                                         |   | $                                            | 60,269    |   |      | $      | (7,528  | )           |   | $      | (1,281       | )      |   | $            | -        |   |   | $ | 51,460 |   |
| Additions to long-lived assets (2)                                |   | $                                            | 182,816   |   |      | $      | 39      |        |   | $      | 544          |   |   | $            | -        |   |   | $ | 183,399 |   |
| Equity investment in investees (2)                                |   | $                                            | -         |   |      | $      | 234,273 |        |   | $      | 14,871       |   |   | $            | -        |   |   | $ | 249,144 |   |
| Total segment assets                                              |   | $                                            | 3,041,597 |   |      | $      | 250,882 |        |   | $      | 324,232      |   |   | $            | (275,507 | ) |   | $ | 3,341,204 |   |
| (1) Reconciliation of segment profit to consolidated profit: |   | Segment profit                               |      |   |      |   |    |        |   |   |         |   | $      | 51,460       |     |   |   |   |   |
| (2) Balances as of December 31, 2008                         |   | Unallocated items:                           |      |   |      |   |    |        |   |   |         |   |   |         |     |
|                                                              |   | Preferred dividends requirements, net of tax |      |   |      |   |    |        | 23     |   |         |   |   |         |
|                                                              |   | Net income applicable to common stock        |      |   | $         | 51,437 |    |        |   |   |         |

----

|                                               |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|----------------------------------------------------|--------|-------------------------------------|--------|
| (THOUSANDS)                                        |   | 2009                                |   |   | 2008 |   |
| Acadia                                             |   | $                                   | (5,672 | ) |   | $ | (3,407 | ) |
| Evangeline                                         |   |                                | 1,931  |   |   |   | 858 |   |
| Other subsidiaries 100% owned by Cleco Corporation |   |                                | 616    |   |   |   | 184 |   |
| Total equity loss                                  |   | $                                   | (3,125 | ) |   | $ | (2,365 | ) |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                               |   | FOR THE SIX MONTHS ENDED JUNE 30, |    |
|----------------------------------------------------|--------|-----------------------------------|---------|
| (THOUSANDS)                                        |   | 2009                              |    |   | 2008 |   |
| Acadia                                             |   | $                                 | (10,888 | ) |   | $ | (6,778 | ) |
| Evangeline                                         |   |                              | (5,003  | ) |   |   | (785 | ) |
| Other subsidiaries 100% owned by Cleco Corporation |   |                              | 1,015   |   |   |   | 624 |   |
| Total equity loss                                  |   | $                                 | (14,876 | ) |   | $ | (6,939 | ) |

|                                   |   | AT JUNE 30, |    |   | AT DECEMBER 31, |   |
|----------------------------------------|--------|-------------|---------|--------|-----------------|--------|
| INCEPTION TO DATE (THOUSANDS)          |   | 2009        |    |   | 2008            |   |
| Contributed assets (cash and land)     |   | $           | 272,956 |   |            | $      | 259,019 |   |
| Income before taxes                    |   |        | 149,555 |   |            |   | 160,444 |   |
| Impairment of investment               |   |        | (45,847 | )      |            |   | (45,847 | ) |
| Capitalized interest and other         |   |        | 19,722  |   |            |   | 19,722 |   |
| Less:  non-cash distribution |   |        | 78,200  |   |            |   | 78,200 |   |
| Less:  cash distributions    |   |        | 136,464 |   |            |   | 136,464 |   |
| Total equity investment in investee    |   | $           | 181,722 |   |            | $      | 178,674 |   |

|                                          |   | AT JUNE 30, |    |   | AT DECEMBER 31, |   |
|-----------------------------------------------|--------|-------------|---------|--------|-----------------|--------|
| (THOUSANDS)                                   |   | 2009        |    |   | 2008            |   |
| Current assets                                |   | $           | 19,851  |   |            | $      | 5,413 |   |
| Property, plant and equipment, net            |   |        | 409,523 |   |            |   | 405,565 |   |
| Total assets                                  |   | $           | 429,374 |   |            | $      | 410,978 |   |
| Current liabilities                           |   | $           | 13,679  |   |            | $      | 1,380 |   |
| Partners’ capital                       |   |        | 415,695 |   |            |   | 409,598 |   |
| Total liabilities and partners’ capital |   | $           | 429,374 |   |            | $      | 410,978 |   |

|               |   | FOR THE THREE MONTHS ENDED JUNE 30, |    |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|--------------------|--------|-------------------------------------|---------|--------|-----------------------------------|--------|
| (THOUSANDS)        |   | 2009                                |    |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Operating revenue  |   | $                                   | 17,744  |   |                              | $      | 17,169 |   |   | $ | 21,948 |   |   | $ | 24,937 |   |
| Operating expenses |   |                                | 25,442  |   |                              |   | 23,785 |   |   |   | 37,636 |   |   |   | 38,668 |   |
| Other expense      |   |                                | (3,646  | )      |                              |   | (198 | ) |   |   | (6,088 | ) |   |   | (139 | ) |
| Loss before taxes  |   | $                                   | (11,344 | )      |                              | $      | (6,814 | ) |   | $ | (21,776 | ) |   | $ | (13,870 | ) |

| §   | The tolling counterparty is at risk to absorb market losses and gains, which are primarily determined by the relative price of electricity and natural gas. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The debt is non-recourse to Cleco; therefore, the debt-holders main security is the underlying assets of Evangeline. |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| §   | Cleco’s risk of loss is limited to its investment plus the $15.0 million letter of credit issued on behalf of the tolling counterparty. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The size of Evangeline’s debt compared to the size of Cleco’s investment at risk.   |
|--------------------|-----------------------------------------------------------------------------------------------------------|

|                                    |   | AT JUNE 30, |    |   | AT DECEMBER 31, |   |
|-----------------------------------------|--------|-------------|---------|--------|-----------------|--------|
| INCEPTION TO DATE (THOUSANDS)           |   | 2009        |    |   | 2008            |   |
| Contributed assets (cash)               |   | $           | 49,961  |   |            | $      | 49,961 |   |
| Net income                              |   |        | 146,596 |   |            |   | 151,599 |   |
| Less:  non-cash distributions |   |        | 16,620  |   |            |   | 16,907 |   |
| Less:  cash distributions     |   |        | 129,054 |   |            |   | 129,054 |   |
| Total equity investment in investee     |   | $           | 50,883  |   |            | $      | 55,599 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                         |   | AT JUNE 30, |    |   | AT DECEMBER 31, |   |
|----------------------------------------------|--------|-------------|---------|--------|-----------------|--------|
| (THOUSANDS)                                  |   | 2009        |    |   | 2008            |   |
| Current assets                               |   | $           | 17,760  |   |            | $      | 25,750 |   |
| Accounts receivable - affiliate              |   |        | 1       |   |            |   | 1 |   |
| Property, plant and equipment, net           |   |        | 184,947 |   |            |   | 180,051 |   |
| Other assets                                 |   |        | 45,203  |   |            |   | 42,528 |   |
| Total assets                                 |   | $           | 247,911 |   |            | $      | 248,330 |   |
| Current liabilities                          |   | $           | 30,523  |   |            | $      | 20,244 |   |
| Accounts payable - affiliate                 |   |        | 499     |   |            |   | 3,512 |   |
| Long-term debt, net                          |   |        | 157,663 |   |            |   | 161,762 |   |
| Other liabilities                            |   |        | 71,335  |   |            |   | 71,845 |   |
| Member’s deficit                       |   |        | (12,109 | )      |            |   | (9,033 | ) |
| Total liabilities and member’s deficit |   | $           | 247,911 |   |            | $      | 248,330 |   |

|                       |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|----------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
| (THOUSANDS)                |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Operating revenue          |   | $                                   | 12,902 |   |                              | $      | 12,984 |   |   | $ | 23,235 |   |   | $ | 23,413 |   |
| Operating expenses         |   |                                | 5,410  |   |                              |   | 6,010 |   |   |   | 15,724 |   |   |   | 12,225 |   |
| Depreciation               |   |                                | 1,359  |   |                              |   | 1,337 |   |   |   | 2,740 |   |   |   | 2,692 |   |
| Interest charges           |   |                                | 4,239  |   |                              |   | 4,674 |   |   |   | 8,443 |   |   |   | 9,337 |   |
| Interest income            |   |                                | -      |   |                              |   | 95 |   |   |   | - |   |   |   | 258 |   |
| Other income (expense)     |   |                                | 37     |   |                              |   | (200 | ) |   |   | (1,331 | ) |   |   | (202 | ) |
| Income (loss) before taxes |   | $                                   | 1,931  |   |                              | $      | 858 |   |   | $ | (5,003 | ) |   | $ | (785 | ) |

| §   | Each entity has only one customer under the long-term agreements accounted for as direct financing leases. |
|--------------------|------------------------------------------------------------------------------------------------------------|

| §   | Both entities can only charge FERC-approved tariffs. |
|--------------------|------------------------------------------------------|

| §   | Both entities have the ability to change the tariff if actual expenses are materially different than expected expenses. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| §   | The lease counterparty is required to make lease payments regardless of the use of the assets. |
|--------------------|------------------------------------------------------------------------------------------------|

| §   | Cleco’s risk of loss is limited to its investment. |
|--------------------|----------------------------------------------------------|

|                                    |   | AT JUNE 30, |    |   | AT DECEMBER 31, |   |
|-----------------------------------------|--------|-------------|---------|--------|-----------------|--------|
| INCEPTION TO DATE (THOUSANDS)           |   | 2009        |    |   | 2008            |   |
| Contributed assets (cash)               |   | $           | 132,962 |   |            | $      | 132,960 |   |
| Net income                              |   |        | 55,181  |   |            |   | 54,166 |   |
| Less:  non-cash distributions |   |        | 20,874  |   |            |   | 20,869 |   |
| Less:  cash distributions     |   |        | 151,389 |   |            |   | 151,389 |   |
| Total equity investment in investee     |   | $           | 15,880  |   |            | $      | 14,868 |   |

|                                        |   | AT JUNE 30, |   |   | AT DECEMBER 31, |   |
|---------------------------------------------|--------|-------------|--------|--------|-----------------|--------|
| (THOUSANDS)                                 |   | 2009        |   |   | 2008            |   |
| Current assets                              |   | $           | 5,671  |   |            | $      | 4,905 |   |
| Other assets                                |   |        | 14,210 |   |            |   | 14,166 |   |
| Total assets                                |   | $           | 19,881 |   |            | $      | 19,071 |   |
| Current liabilities                         |   | $           | 284    |   |            | $      | 9 |   |
| Accounts payable - affiliate                |   |        | 2      |   |            |   | 2 |   |
| Other liabilities                           |   |        | 395    |   |            |   | 484 |   |
| Member’s equity                       |   |        | 19,200 |   |            |   | 18,576 |   |
| Total liabilities and member’s equity |   | $           | 19,881 |   |            | $      | 19,071 |   |

|                      |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|---------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
| (THOUSANDS)               |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Operating revenue         |   | $                                   | 492    |   |                              | $      | 496 |   |   | $ | 983 |   |   | $ | 992 |   |
| Operating expense         |   |                                | 301    |   |                              |   | 312 |   |   |   | 393 |   |   |   | 367 |   |
| Interest income (expense) |   |                                | 425    |   |                              |   | - |   |   |   | 425 |   |   |   | (1 | ) |
| Income before taxes       |   | $                                   | 616    |   |                              | $      | 184 |   |   | $ | 1,015 |   |   | $ | 624 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                                                               |   |   |    |   |       |   |    |   |   |   | AT JUNE 30, 2009          |   |
|----------------------------------------------------------------------------------------------------|--------|--------|---------|--------|------------|--------|---------|--------|--------|--------|---------------------------|--------|
|                                                                                               |   |   |    |   |       |   |    |   |   |   | REDUCTIONS TO THE         |   |
|                                                                                               |   |   |    |   |       |   |    |   |   |   | AMOUNT AVAILABLE          |   |
|                                                                                               |   |   |    |   |       |   |    |   |   |   | TO BE DRAWN ON            |   |
|                                                                                               |   | FACE   |    |   |       |   |    | NET    |   |   | CLECO CORPORATION’S |   |
| (THOUSANDS)                                                                                        |   | AMOUNT |    |   | REDUCTIONS |   |    | AMOUNT |   |   | CREDIT FACILITY           |   |
| Cleco Corporation                                                                                  |   |   |    |   |       |   |    |   |   |   |                      |   |
| Guarantee issued to Entergy companies for performance obligations of Perryville                    |   | $      | 177,400 |   |       | $      | 135,000 |   |   | $      | 42,400                    |   |   | $ | 328 |   |
| Guarantees issued to purchasers of the assets of Cleco Energy                                      |   |   | 1,400   |   |       |   | -       |   |   |   | 1,400                     |   |   |   | 1,400 |   |
| Obligations under standby letter of credit issued to the Evangeline Tolling Agreement counterparty |   |   | 15,000  |   |       |   | -       |   |   |   | 15,000                    |   |   |   | 15,000 |   |
| Guarantee issued to Entergy Mississippi on behalf of Attala                                        |   |   | 500     |   |       |   | -       |   |   |   | 500                       |   |   |   | 500 |   |
| Guarantee issued to Tenaska Gas Storage, LLC on behalf of Acadia                                   |   |   | 10,000  |   |       |   | -       |   |   |   | 10,000                    |   |   |   | 10,000 |   |
| Cleco Power                                                                                        |   |   |    |   |       |   |    |   |   |   |                      |   |   |   |   |   |
| Obligations under standby letter of credit issued to the Louisiana Department of Labor             |   |   | 3,525   |   |       |   | -       |   |   |   | 3,525                     |   |   |   | - |   |
| Obligations under the Lignite Mining Agreement                                                     |   |   | 4,039   |   |       |   | -       |   |   |   | 4,039                     |   |   |   | - |   |
| Total                                                                                              |   | $      | 211,864 |   |       | $      | 135,000 |   |   | $      | 76,864                    |   |   | $ | 27,228 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                         |   |      |   |   |                                       |   |   |      |   |   | AT JUNE 30, 2009 |   |
|------------------------------|--------|-----------|--------|--------|--------------------------------------------|--------|--------|-----------|--------|--------|------------------|--------|
|                         |   |      |   |   | AMOUNT OF COMMITMENT EXPIRATION PER PERIOD |   |
|                         |   | NET       |   |   |                                       |   |   |      |   |   |             |   |   | MORE |   |
|                         |   | AMOUNT    |   |   | LESS THAN                                  |   |   |      |   |   |             |   |   | THAN |   |
| (THOUSANDS)                  |   | COMMITTED |   |   | ONE YEAR                                   |   |   | 1-3 YEARS |   |   | 3-5 YEARS        |   |   | 5 YEARS |   |
| Guarantees                   |   | $         | 58,339 |   |                                       | $      | 11,400 |      |   | $      | 4,039            |   |   | $ | - |   |   | $ | 42,900 |   |
| Standby letters of credit    |   |      | 18,525 |   |                                       |   | 3,525  |      |   |   | -                |   |   |   | - |   |   |   | 15,000 |   |
| Total commercial commitments |   | $         | 76,864 |   |                                       | $      | 14,925 |      |   | $      | 4,039            |   |   | $ | - |   |   | $ | 57,900 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                            |   | AT JUNE 30, |   |   | AT DECEMBER 31, |   |
|---------------------------------|--------|-------------|--------|--------|-----------------|--------|
| CLASSES OF PROPERTY (THOUSANDS) |   | 2009        |   |   | 2008            |   |
| Barges                          |   | $           | 22,050 |   |            | $      | - |   |
| Other                           |   |        | 555    |   |            |   | 555 |   |
| Total capital leases            |   |        | 22,605 |   |            |   | 555 |   |
| Less: accumulated amortization  |   |        | 1,379  |   |            |   | 342 |   |
| Net capital leases              |   | $           | 21,226 |   |            | $      | 213 |   |

| (THOUSANDS)                                   |   |   |
|-----------------------------------------------|--------|--------|
| Six months ending December 31, 2009           |   | $      | 2,393 |   |
| Years ending December 31,                     |   |   |   |   |
| 2010                                          |   |   | 4,748 |   |
| 2011                                          |   |   | 4,622 |   |
| 2012                                          |   |   | 4,634 |   |
| 2013                                          |   |   | 4,622 |   |
| 2014                                          |   |   | 4,622 |   |
| Thereafter                                    |   |   | 18,499 |   |
| Total minimum lease payments                  |   |   | 44,140 |   |
| Less:  executory costs              |   |   | 11,149 |   |
| Net minimum lease payments                    |   |   | 32,991 |   |
| Less:  amount representing interest |   |   | 11,340 |   |
| Present value of net minimum lease payments   |   | $      | 21,651 |   |
| Current liabilities                           |   | $      | 1,561 |   |
| Non-current liabilities                       |   | $      | 20,090 |   |

| §   | If such failure to perform constituted a default under the tolling agreement, the holders of the Evangeline bonds would have the right to declare the entire outstanding principal amount ($165.3 million at June 30, 2009) and interest to be immediately due and payable, which could result in: |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | Cleco seeking to refinance the bonds, the terms of which may be less favorable than existing terms; |
|---------------|-----------------------------------------------------------------------------------------------------|

| o   | Cleco causing Evangeline to seek protection under federal bankruptcy laws; or |
|---------------|-------------------------------------------------------------------------------|

| o   | the trustee of the bonds foreclosing on the mortgage and assuming ownership of the Evangeline plant; |
|---------------|------------------------------------------------------------------------------------------------------|

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

| §   | Cleco may not be able to enter into agreements in replacement of the Evangeline Tolling Agreement on terms as favorable as that agreement or at all; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Cleco’s equity investment in Evangeline may be impaired, requiring a write-down to its fair market value, which could be substantial; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Cleco’s credit ratings could be downgraded, which would increase borrowing costs and limit sources of financing. |
|--------------------|------------------------------------------------------------------------------------------------------------------------|

----

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

| (THOUSANDS)              | AT JUNE 30, 2009 |   |
|--------------------------|------------------|--------|
| Gross carrying amount    |             | $      | 177,537 |   |
| Accumulated amortization |             |   | 15,085 |   |
| Intangible asset         |             | $      | 162,452 |   |

| (THOUSANDS)                                |   |   |    |
|--------------------------------------------|--------|--------|---------|
| Expected amortization expense              |   |   |    |
| For the twelve months ending June 30, 2010 |   | $      | 11,154  |   |
| For the twelve months ending June 30, 2011 |   | $      | 11,928  |   |
| For the twelve months ending June 30, 2012 |   | $      | 12,745  |   |
| For the twelve months ending June 30, 2013 |   | $      | 13,589  |   |
| Thereafter                                 |   | $      | 113,036 |   |

----

----

----

| §   | Cleco Power, an integrated electric utility services company regulated by the LPSC, FERC, and other regulators, which serves approximately 276,000 customers across Louisiana and also engages in energy management activities; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Midstream, a merchant energy company regulated by FERC, which owns and operates a merchant power plant (Evangeline).  Midstream also owns a 50 percent interest in a merchant power plant (Acadia) and operates the plant on behalf of its partner. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                               |   |   |    |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|----------------------------------------------------|--------|--------|---------|--------|-------------------------------------|--------|
|                                               |   |   |    |   |                                |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                        |   | 2009   |    |   | 2008                                |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue, net                             |   | $      | 207,226 |   |                                | $      | 274,787 |   |   | $ | (67,561 | ) |   |   | (24.6 | )% |
| Operating expenses                                 |   |   | 175,359 |   |                                |   | 241,078 |   |   |   | 65,719 |   |   |   | 27.3 |  % |
| Operating income                                   |   | $      | 31,867  |   |                                | $      | 33,709 |   |   | $ | (1,842 | ) |   |   | (5.5 | )% |
| Interest income                                    |   | $      | 271     |   |                                | $      | 1,258 |   |   | $ | (987 | ) |   |   | (78.5 | )% |
| Allowance for other funds used during construction |   | $      | 17,538  |   |                                | $      | 14,993 |   |   | $ | 2,545 |   |   |   | 17.0 |  % |
| Equity loss from investees                         |   | $      | (3,125  | )      |                                | $      | (2,365 | ) |   | $ | (760 | ) |   |   | (32.1 | )% |
| Other income                                       |   | $      | 1,633   |   |                                | $      | 91 |   |   | $ | 1,542 |   |   |   | * |   |
| Other expense                                      |   | $      | 480     |   |                                | $      | 1,377 |   |   | $ | 897 |   |   |   | 65.1 |  % |
| Interest charges                                   |   | $      | 13,729  |   |                                | $      | 9,921 |   |   | $ | (3,808 | ) |   |   | (38.4 | )% |
| Federal and state income taxes                     |   | $      | 6,949   |   |                                | $      | 6,999 |   |   | $ | 50 |   |   |   | 0.7 |  % |
| Net income applicable to common stock              |   | $      | 27,014  |   |                                | $      | 29,377 |   |   | $ | (2,363 | ) |   |   | (8.0 | )% |
| * Not meaningful                                   |   |   |    |   |                                |   |   |   |   |   |   |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                      |   |   |    |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|-----------------------------------------------------------|--------|--------|---------|--------|-------------------------------------|--------|
|                                                      |   |   |    |   |                                |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                               |   | 2009   |    |   | 2008                                |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue                                         |   |   |    |   |                                |   |   |   |   |   |   |   |
| Base                                                      |   | $      | 94,920  |   |                                | $      | 92,653 |   |   | $ | 2,267 |   |   |   | 2.4 |  % |
| Fuel cost recovery                                        |   |   | 100,731 |   |                                |   | 166,928 |   |   |   | (66,197 | ) |   |   | (39.7 | )% |
| Other operations                                          |   |   | 8,688   |   |                                |   | 12,714 |   |   |   | (4,026 | ) |   |   | (31.7 | )% |
| Affiliate revenue                                         |   |   | 6       |   |                                |   | 8 |   |   |   | (2 | ) |   |   | (25.0 | )% |
| Intercompany revenue                                      |   |   | 343     |   |                                |   | 586 |   |   |   | (243 | ) |   |   | (41.5 | )% |
| Operating revenue, net                                    |   |   | 204,688 |   |                                |   | 272,889 |   |   |   | (68,201 | ) |   |   | (25.0 | )% |
| Operating expenses                                        |   |   |    |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Fuel used for electric generation – recoverable     |   |   | 48,672  |   |                                |   | 19,874 |   |   |   | (28,798 | ) |   |   | (144.9 | )% |
| Power purchased for utility customers – recoverable |   |   | 52,204  |   |                                |   | 146,760 |   |   |   | 94,556 |   |   |   | 64.4 |  % |
| Non-recoverable fuel and power purchased                  |   |   | 5,997   |   |                                |   | 8,202 |   |   |   | 2,205 |   |   |   | 26.9 |  % |
| Other operations                                          |   |   | 24,229  |   |                                |   | 21,706 |   |   |   | (2,523 | ) |   |   | (11.6 | )% |
| Maintenance                                               |   |   | 13,675  |   |                                |   | 13,645 |   |   |   | (30 | ) |   |   | (0.2 | )% |
| Depreciation                                              |   |   | 19,184  |   |                                |   | 19,007 |   |   |   | (177 | ) |   |   | (0.9 | )% |
| Taxes other than income taxes                             |   |   | 7,654   |   |                                |   | 8,181 |   |   |   | 527 |   |   |   | 6.4 |  % |
| Total operating expenses                                  |   |   | 171,615 |   |                                |   | 237,375 |   |   |   | 65,760 |   |   |   | 27.7 |  % |
| Operating income                                          |   | $      | 33,073  |   |                                | $      | 35,514 |   |   | $ | (2,441 | ) |   |   | (6.9 | )% |
| Interest income                                           |   | $      | 255     |   |                                | $      | 999 |   |   | $ | (744 | ) |   |   | (74.5 | )% |
| Allowance for other funds used during construction        |   | $      | 17,538  |   |                                | $      | 14,993 |   |   | $ | 2,545 |   |   |   | 17.0 |  % |
| Interest charges                                          |   | $      | 11,505  |   |                                | $      | 8,831 |   |   | $ | (2,674 | ) |   |   | (30.3 | )% |
| Federal and state income taxes                            |   | $      | 8,916   |   |                                | $      | 9,610 |   |   | $ | 694 |   |   |   | 7.2 |  % |
| Net income                                                |   | $      | 30,206  |   |                                | $      | 32,662 |   |   | $ | (2,456 | ) |   |   | (7.5 | )% |

| §   | lower other operations revenue, |
|--------------------|---------------------------------|

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

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

| §   | lower interest income. |
|--------------------|------------------------|

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

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

| §   | lower non-recoverable fuel and purchased power expenses. |
|--------------------|----------------------------------------------------------|

|                                      |   | FOR THE THREE MONTHS ENDED JUNE 30 |   |
|-------------------------------------------|--------|------------------------------------|--------|
| (MILLION kWh)                             |   | 2009                               |   |   | 2008 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| Electric sales                            |   |                               |   |   |   |   |   |   |   |
| Residential                               |   |                               | 791    |   |   |   | 804 |   |   |   | (1.6 | )% |
| Commercial                                |   |                               | 596    |   |   |   | 599 |   |   |   | (0.5 | )% |
| Industrial                                |   |                               | 469    |   |   |   | 729 |   |   |   | (35.7 | )% |
| Other retail                              |   |                               | 34     |   |   |   | 33 |   |   |   | 3.0 |  % |
| Total retail                              |   |                               | 1,890  |   |   |   | 2,165 |   |   |   | (12.7 | )% |
| Sales for resale                          |   |                               | 144    |   |   |   | 103 |   |   |   | 39.8 |  % |
| Unbilled                                  |   |                               | 325    |   |   |   | 203 |   |   |   | 60.1 |  % |
| Total retail and wholesale customer sales |   |                               | 2,359  |   |   |   | 2,471 |   |   |   | (4.5 | )% |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                      |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|-------------------------------------------|--------|-------------------------------------|--------|
| (THOUSANDS)                               |   | 2009                                |   |   | 2008 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| Electric sales                            |   |                                |   |   |   |   |   |   |   |
| Residential                               |   | $                                   | 36,320 |   |   | $ | 36,702 |   |   |   | (1.0 | )% |
| Commercial                                |   |                                | 23,119 |   |   |   | 23,027 |   |   |   | 0.4 |  % |
| Industrial                                |   |                                | 12,314 |   |   |   | 13,995 |   |   |   | (12.0 | )% |
| Other retail                              |   |                                | 1,410  |   |   |   | 1,372 |   |   |   | 2.8 |  % |
| Storm surcharge                           |   |                                | 4,405  |   |   |   | 4,335 |   |   |   | 1.6 |  % |
| Total retail                              |   |                                | 77,568 |   |   |   | 79,431 |   |   |   | (2.3 | )% |
| Sales for resale                          |   |                                | 5,488  |   |   |   | 5,583 |   |   |   | (1.7 | )% |
| Unbilled                                  |   |                                | 11,864 |   |   |   | 7,639 |   |   |   | 55.3 |  % |
| Total retail and wholesale customer sales |   | $                                   | 94,920 |   |   | $ | 92,653 |   |   |   | 2.4 |  % |

|                |   |   |   |   |   |   |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|---------------------|--------|--------|--------|--------|--------|--------|--------|-------------------------------------|--------|
|                |   |   |   |   |   |   |   |                                |   |   | 2009 CHANGE |   |
|                |   | 2009   |   |   | 2008   |   |   | NORMAL                              |   |   | PRIOR YEAR |   |   | NORMAL |   |
| Cooling-degree days |   |   | 1,053  |   |   |   | 1,047  |                                |   |   | 898 |   |   |   | 0.6 | % |   |   | 17.3 | % |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                 |   | FOR THE THREE MONTHS ENDED JUNE 30, |   |
|--------------------------------------|--------|-------------------------------------|--------|
|                                 |   |                                |   |   |   |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                          |   | 2009                                |   |   | 2008 |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue                    |   |                                |   |   |   |   |   |   |   |   |   |   |
| Affiliate revenue                    |   | $                                   | 2,177  |   |   | $ | 1,842 |   |   | $ | 335 |   |   | $ | 18.2 |  % |
| Operating revenue                    |   |                                | 2,177  |   |   |   | 1,842 |   |   |   | 335 |   |   |   | 18.2 |  % |
| Operating expenses                   |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other operations                     |   |                                | 1,634  |   |   |   | 1,504 |   |   |   | (130 | ) |   |   | (8.6 | )% |
| Maintenance                          |   |                                | 1,060  |   |   |   | 880 |   |   |   | (180 | ) |   |   | (20.5 | )% |
| Depreciation                         |   |                                | 44     |   |   |   | 76 |   |   |   | 32 |   |   |   | 42.1 |  % |
| Taxes other than income taxes        |   |                                | 102    |   |   |   | 91 |   |   |   | (11 | ) |   |   | (12.1 | )% |
| Total operating expenses             |   |                                | 2,840  |   |   |   | 2,551 |   |   |   | (289 | ) |   |   | (11.3 | )% |
| Operating loss                       |   | $                                   | (663   | ) |   | $ | (709 | ) |   | $ | 46 |   |   |   | 6.5 |  % |
| Equity loss from investees           |   | $                                   | (3,741 | ) |   | $ | (2,549 | ) |   | $ | (1,192 | ) |   |   | (46.8 | )% |
| Interest charges                     |   | $                                   | 3,338  |   |   | $ | 1,522 |   |   | $ | (1,816 | ) |   |   | (119.3 | )% |
| Federal and state income tax benefit |   | $                                   | (2,975 | ) |   | $ | (1,879 | ) |   | $ | 1,096 |   |   |   | 58.3 |  % |
| Net loss                             |   | $                                   | (4,757 | ) |   | $ | (2,912 | ) |   | $ | (1,845 | ) |   |   | (63.4 | )% |

|                                               |   |   |    |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|----------------------------------------------------|--------|--------|---------|--------|-----------------------------------|--------|
|                                               |   |   |    |   |                              |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                        |   | 2009   |    |   | 2008                              |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue, net                             |   | $      | 420,162 |   |                              | $      | 497,337 |   |   | $ | (77,175 | ) |   |   | (15.5 | )% |
| Operating expenses                                 |   |   | 371,057 |   |                              |   | 436,879 |   |   |   | 65,822 |   |   |   | 15.1 |  % |
| Operating income                                   |   | $      | 49,105  |   |                              | $      | 60,458 |   |   | $ | (11,353 | ) |   |   | (18.8 | )% |
| Interest income                                    |   | $      | 682     |   |                              | $      | 2,875 |   |   | $ | (2,193 | ) |   |   | (76.3 | )% |
| Allowance for other funds used during construction |   | $      | 34,529  |   |                              | $      | 28,677 |   |   | $ | 5,852 |   |   |   | 20.4 |  % |
| Equity loss from investees                         |   | $      | (14,876 | )      |                              | $      | (6,939 | ) |   | $ | (7,937 | ) |   |   | (114.4 | )% |
| Other income                                       |   | $      | 2,674   |   |                              | $      | 157 |   |   | $ | 2,517 |   |   |   | * |   |
| Other expense                                      |   | $      | 1,332   |   |                              | $      | 2,046 |   |   | $ | 714 |   |   |   | 34.9 |  % |
| Interest charges                                   |   | $      | 28,832  |   |                              | $      | 19,662 |   |   | $ | (9,170 | ) |   |   | (46.6 | )% |
| Federal and state income taxes                     |   | $      | 8,275   |   |                              | $      | 12,060 |   |   | $ | 3,785 |   |   |   | 31.4 |  % |
| Net income applicable to common stock              |   | $      | 33,652  |   |                              | $      | 51,437 |   |   | $ | (17,785 | ) |   |   | (34.6 | )% |
| * Not meaningful                                   |   |   |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                      |   |   |    |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|-----------------------------------------------------------|--------|--------|---------|--------|-----------------------------------|--------|
|                                                      |   |   |    |   |                              |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                               |   | 2009   |    |   | 2008                              |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue                                         |   |   |    |   |                              |   |   |   |   |   |   |   |
| Base                                                      |   | $      | 167,738 |   |                              | $      | 171,842 |   |   | $ | (4,104 | ) |   |   | (2.4 | )% |
| Fuel cost recovery                                        |   |   | 230,779 |   |                              |   | 297,620 |   |   |   | (66,841 | ) |   |   | (22.5 | )% |
| Other operations                                          |   |   | 15,774  |   |                              |   | 22,775 |   |   |   | (7,001 | ) |   |   | (30.7 | )% |
| Affiliate revenue                                         |   |   | 12      |   |                              |   | 14 |   |   |   | (2 | ) |   |   | (14.3 | )% |
| Intercompany revenue                                      |   |   | 685     |   |                              |   | 1,088 |   |   |   | (403 | ) |   |   | (37.0 | )% |
| Operating revenue, net                                    |   |   | 414,988 |   |                              |   | 493,339 |   |   |   | (78,351 | ) |   |   | (15.9 | )% |
| Operating expenses                                        |   |   |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Fuel used for electric generation – recoverable     |   |   | 135,146 |   |                              |   | 63,204 |   |   |   | (71,942 | ) |   |   | (113.8 | )% |
| Power purchased for utility customers – recoverable |   |   | 95,821  |   |                              |   | 234,137 |   |   |   | 138,316 |   |   |   | 59.1 |  % |
| Non-recoverable fuel and power purchased                  |   |   | 9,927   |   |                              |   | 12,825 |   |   |   | 2,898 |   |   |   | 22.6 |  % |
| Other operations                                          |   |   | 47,649  |   |                              |   | 42,620 |   |   |   | (5,029 | ) |   |   | (11.8 | )% |
| Maintenance                                               |   |   | 23,104  |   |                              |   | 22,838 |   |   |   | (266 | ) |   |   | (1.2 | )% |
| Depreciation                                              |   |   | 38,029  |   |                              |   | 38,025 |   |   |   | (4 | ) |   |   | - |   |
| Taxes other than income taxes                             |   |   | 15,363  |   |                              |   | 15,995 |   |   |   | 632 |   |   |   | 4.0 |  % |
| Total operating expenses                                  |   |   | 365,039 |   |                              |   | 429,644 |   |   |   | 64,605 |   |   |   | 15.0 |  % |
| Operating income                                          |   | $      | 49,949  |   |                              | $      | 63,695 |   |   | $ | (13,746 | ) |   |   | (21.6 | )% |
| Interest income                                           |   | $      | 658     |   |                              | $      | 1,576 |   |   | $ | (918 | ) |   |   | (58.2 | )% |
| Allowance for other funds used during construction        |   | $      | 34,529  |   |                              | $      | 28,677 |   |   | $ | 5,852 |   |   |   | 20.4 |  % |
| Other income                                              |   | $      | 1,600   |   |                              | $      | 216 |   |   | $ | 1,384 |   |   |   | 640.7 |  % |
| Other expense                                             |   | $      | 2,155   |   |                              | $      | 864 |   |   | $ | (1,291 | ) |   |   | (149.4 | )% |
| Interest charges                                          |   | $      | 26,641  |   |                              | $      | 16,462 |   |   | $ | (10,179 | ) |   |   | (61.8 | )% |
| Federal and state income taxes                            |   | $      | 12,716  |   |                              | $      | 16,569 |   |   | $ | 3,853 |   |   |   | 23.3 |  % |
| Net income                                                |   | $      | 45,224  |   |                              | $      | 60,269 |   |   | $ | (15,045 | ) |   |   | (25.0 | )% |

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

| §   | lower other operations revenue, |
|--------------------|---------------------------------|

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

| §   | lower base revenue, |
|--------------------|---------------------|

| §   | higher other expense, and |
|--------------------|---------------------------|

| §   | lower interest income. |
|--------------------|------------------------|

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

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

| §   | higher other income. |
|--------------------|----------------------|

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                      |   | FOR THE SIX MONTHS ENDED JUNE 30 |   |
|-------------------------------------------|--------|----------------------------------|--------|
| (MILLION kWh)                             |   | 2009                             |   |   | 2008 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| Electric sales                            |   |                             |   |   |   |   |   |   |   |
| Residential                               |   |                             | 1,607  |   |   |   | 1,644 |   |   |   | (2.3 | )% |
| Commercial                                |   |                             | 1,139  |   |   |   | 1,153 |   |   |   | (1.2 | )% |
| Industrial                                |   |                             | 1,056  |   |   |   | 1,416 |   |   |   | (25.4 | )% |
| Other retail                              |   |                             | 66     |   |   |   | 65 |   |   |   | 1.5 |  % |
| Total retail                              |   |                             | 3,868  |   |   |   | 4,278 |   |   |   | (9.6 | )% |
| Sales for resale                          |   |                             | 233    |   |   |   | 173 |   |   |   | 34.7 |  % |
| Unbilled                                  |   |                             | 192    |   |   |   | 147 |   |   |   | 30.6 |  % |
| Total retail and wholesale customer sales |   |                             | 4,293  |   |   |   | 4,598 |   |   |   | (6.6 | )% |

|                                      |   | FOR THE SIX MONTHS ENDED JUNE 30, |    |
|-------------------------------------------|--------|-----------------------------------|---------|
| (THOUSANDS)                               |   | 2009                              |    |   | 2008 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| Electric sales                            |   |                              |    |   |   |   |   |   |   |
| Residential                               |   | $                                 | 68,516  |   |   | $ | 69,746 |   |   |   | (1.8 | )% |
| Commercial                                |   |                              | 46,068  |   |   |   | 46,063 |   |   |   | - |   |
| Industrial                                |   |                              | 25,133  |   |   |   | 26,995 |   |   |   | (6.9 | )% |
| Other retail                              |   |                              | 2,797   |   |   |   | 2,737 |   |   |   | 2.2 |  % |
| Storm surcharge                           |   |                              | 9,620   |   |   |   | 10,185 |   |   |   | (5.5 | )% |
| Total retail                              |   |                              | 152,134 |   |   |   | 155,726 |   |   |   | (2.3 | )% |
| Sales for resale                          |   |                              | 8,599   |   |   |   | 9,670 |   |   |   | (11.1 | )% |
| Unbilled                                  |   |                              | 7,005   |   |   |   | 6,446 |   |   |   | 8.7 |  % |
| Total retail and wholesale customer sales |   | $                                 | 167,738 |   |   | $ | 171,842 |   |   |   | (2.4 | )% |

|                |   |   |   |   |   |   |   | FOR THE SIX MONTHS ENDED JUNE 30, |   |
|---------------------|--------|--------|--------|--------|--------|--------|--------|-----------------------------------|--------|
|                |   |   |   |   |   |   |   |                              |   |   | 2009 CHANGE |   |
|                |   | 2009   |   |   | 2008   |   |   | NORMAL                            |   |   | PRIOR YEAR |   |   | NORMAL |   |
| Heating-degree days |   |   | 779    |   |   |   | 860    |                              |   |   | 1,026 |   |   |   | (9.4 | )% |   |   | (24.1 | )% |
| Cooling-degree days |   |   | 1,179  |   |   |   | 1,158  |                              |   |   | 968 |   |   |   | 1.8 |  % |   |   | 21.8 |  % |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                 |   | FOR THE SIX MONTHS ENDED JUNE 30, |    |
|--------------------------------------|--------|-----------------------------------|---------|
|                                 |   |                              |    |   |   |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                          |   | 2009                              |    |   | 2008 |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue                    |   |                              |    |   |   |   |   |   |   |   |   |   |
| Other operations                     |   | $                                 | -       |   |   | $ | 1 |   |   | $ | (1 | ) |   |   | (100.0 | )% |
| Affiliate revenue                    |   |                              | 4,540   |   |   |   | 3,761 |   |   |   | 779 |   |   |   | 20.7 |  % |
| Operating revenue                    |   |                              | 4,540   |   |   |   | 3,762 |   |   |   | 778 |   |   |   | 20.7 |  % |
| Operating expenses                   |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other operations                     |   |                              | 3,378   |   |   |   | 2,945 |   |   |   | (433 | ) |   |   | (14.7 | )% |
| Maintenance                          |   |                              | 2,154   |   |   |   | 1,729 |   |   |   | (425 | ) |   |   | (24.6 | )% |
| Depreciation                         |   |                              | 88      |   |   |   | 152 |   |   |   | 64 |   |   |   | 42.1 |  % |
| Taxes other than income taxes        |   |                              | 218     |   |   |   | 178 |   |   |   | (40 | ) |   |   | (22.5 | )% |
| Gain on sales of assets              |   |                              | -       |   |   |   | (99 | ) |   |   | (99 | ) |   |   | (100.0 | )% |
| Total operating expenses             |   |                              | 5,838   |   |   |   | 4,905 |   |   |   | (933 | ) |   |   | (19.0 | )% |
| Operating loss                       |   |                              | (1,298  | ) |   |   | (1,143 | ) |   |   | (155 | ) |   |   | (13.6 | )% |
| Equity loss from investees           |   | $                                 | (15,891 | ) |   | $ | (7,563 | ) |   | $ | (8,328 | ) |   |   | (110.1 | )% |
| Interest charges                     |   | $                                 | 4,637   |   |   | $ | 3,491 |   |   | $ | (1,146 | ) |   |   | (32.8 | )% |
| Federal and state income tax benefit |   | $                                 | (8,392  | ) |   | $ | (4,681 | ) |   | $ | 3,711 |   |   |   | 79.3 |  % |
| Net loss                             |   | $                                 | (13,409 | ) |   | $ | (7,528 | ) |   | $ | (5,881 | ) |   |   | (78.1 | )% |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

Various agreements to which Cleco is subject contain covenants that restrict its use of cash.  As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for general corporate purposes.  AtJune 30, 2009, and December 31, 2008, $70.7 million and $103.0 million of cash, respectively, were restricted.  At June 30, 2009, the $70.7 million of restricted cash consisted of $0.1 million under the Diversified Lands mitigation escrow agreement, $1.9 million held in escrow for the construction of Cleco Power’s solid waste disposal facilities at Rodemacher Unit 3, $32.6 million reserved at Cleco Power for GO Zone project costs, $27.8 million reserved at Cleco Power for future storm restorationcosts, and $8.3 million at Cleco Katrina/Rita restricted for payment of operating expense, interest and principal on storm recovery bonds.   

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                                                                                               |   |   |    |   |       |   |    |   |   |   | AT JUNE 30, 2009          |   |
|----------------------------------------------------------------------------------------------------|--------|--------|---------|--------|------------|--------|---------|--------|--------|--------|---------------------------|--------|
|                                                                                               |   |   |    |   |       |   |    |   |   |   | REDUCTIONS TO THE         |   |
|                                                                                               |   |   |    |   |       |   |    |   |   |   | AMOUNT AVAILABLE          |   |
|                                                                                               |   |   |    |   |       |   |    |   |   |   | TO BE DRAWN ON            |   |
|                                                                                               |   | FACE   |    |   |       |   |    | NET    |   |   | CLECO CORPORATION’S |   |
| (THOUSANDS)                                                                                        |   | AMOUNT |    |   | REDUCTIONS |   |    | AMOUNT |   |   | CREDIT FACILITY           |   |
| Cleco Corporation                                                                                  |   |   |    |   |       |   |    |   |   |   |                      |   |
| Guarantee issued to Entergy companies for performance obligations of Perryville                    |   | $      | 177,400 |   |       | $      | 135,000 |   |   | $      | 42,400                    |   |   | $ | 328 |   |
| Guarantees issued to purchasers of the assets of Cleco Energy                                      |   |   | 1,400   |   |       |   | -       |   |   |   | 1,400                     |   |   |   | 1,400 |   |
| Obligations under standby letter of credit issued to the Evangeline Tolling Agreement counterparty |   |   | 15,000  |   |       |   | -       |   |   |   | 15,000                    |   |   |   | 15,000 |   |
| Guarantee issued to Entergy Mississippi on behalf of Attala                                        |   |   | 500     |   |       |   | -       |   |   |   | 500                       |   |   |   | 500 |   |
| Guarantee issued to Tenaska Gas Storage, LLC on behalf of Acadia                                   |   |   | 10,000  |   |       |   | -       |   |   |   | 10,000                    |   |   |   | 10,000 |   |
| Cleco Power                                                                                        |   |   |    |   |       |   |    |   |   |   |                      |   |   |   |   |   |
| Obligations under standby letter of credit issued to the Louisiana Department of Labor             |   |   | 3,525   |   |       |   | -       |   |   |   | 3,525                     |   |   |   | - |   |
| Obligations under the Lignite Mining Agreement                                                     |   |   | 4,039   |   |       |   | -       |   |   |   | 4,039                     |   |   |   | - |   |
| Total                                                                                              |   | $      | 211,864 |   |       | $      | 135,000 |   |   | $      | 76,864                    |   |   | $ | 27,228 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|                         |   |      |   |   |                                       |   |   |      |   |   | AT JUNE 30, 2009 |   |
|------------------------------|--------|-----------|--------|--------|--------------------------------------------|--------|--------|-----------|--------|--------|------------------|--------|
|                         |   |      |   |   | AMOUNT OF COMMITMENT EXPIRATION PER PERIOD |   |
|                         |   | NET       |   |   |                                       |   |   |      |   |   |             |   |   | MORE |   |
|                         |   | AMOUNT    |   |   | LESS THAN                                  |   |   |      |   |   |             |   |   | THAN |   |
| (THOUSANDS)                  |   | COMMITTED |   |   | ONE YEAR                                   |   |   | 1-3 YEARS |   |   | 3-5 YEARS        |   |   | 5 YEARS |   |
| Guarantees                   |   | $         | 58,339 |   |                                       | $      | 11,400 |      |   | $      | 4,039            |   |   | $ | - |   |   | $ | 42,900 |   |
| Standby letters of credit    |   |      | 18,525 |   |                                       |   | 3,525  |      |   |   | -                |   |   |   | - |   |   |   | 15,000 |   |
| Total commercial commitments |   | $         | 76,864 |   |                                       | $      | 14,925 |      |   | $      | 4,039            |   |   | $ | - |   |   | $ | 57,900 |   |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

|             |   | FOR THE THREE MONTHS ENDED JUNE 30, 2009 |    |
|------------------|--------|-----------------------------------------------|---------|
| (THOUSANDS)      |   | HIGH                                          |    |   | LOW |   |   | AVERAGE |   |
| Economic hedges  |   | $                                             | 208.6   |   |   | $ | 78.2 |   |   | $ | 146.9 |   |
| Fuel cost hedges |   | $                                             | 6,407.5 |   |   | $ | 2,076.3 |   |   | $ | 4,230.2 |   |

|             |   | FOR THE SIX MONTHS ENDED JUNE 30, 2009 |    |   | AT JUNE 30, |   |    | AT DECEMBER 31, |   |
|------------------|--------|---------------------------------------------|---------|--------|-------------|--------|---------|-----------------|--------|
| (THOUSANDS)      |   | HIGH                                        |    |   | LOW         |   |    | AVERAGE         |   |   | 2009 |   |   | 2008 |   |
| Economic hedges  |   | $                                           | 268.1   |   |        | $      | 78.2    |            |   | $ | 161.2 |   |   | $ | 122.4 |   |   | $ | 239.0 |   |
| Fuel cost hedges |   | $                                           | 7,292.8 |   |        | $      | 2,076.3 |            |   | $ | 4,470.6 |   |   | $ | 3,677.1 |   |   | $ | 6,519.0 |   |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

----

----

----

----

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

|   (a) | The Annual Meeting of Shareholders of Cleco Corporation was held April 24, 2009, in Pineville, Louisiana. |
|------------|-----------------------------------------------------------------------------------------------------------|

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

|   (c) | The following is a tabulation of the votes cast upon each proposal presented at the Annual Meeting of Shareholders of Cleco Corporation on April 24, 2009. |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       (1) | Election of Directors to serve until the 2012 Annual Meeting of Shareholders: |
|------------------------------------|-------------------------------------------------------------------------------|

| CLASS III DIRECTORS | FOR        | WITHHELD  | BROKERNON-VOTES |
|---------------------|------------|-----------|-----------------|
| J. Patrick Garrett  | 55,257,286 | 1,465,811 | 0               |
| Elton R. King       | 55,485,928 | 1,237,169 | 0               |
| Logan W. Kruger     | 55,716,172 | 1,006,925 | 0               |

|      (2) | Ratification of the Audit Committee’s appointment of PricewaterhouseCoopers LLP as Cleco’s independent registered public accounting firm for the fiscal year ending December 31, 2009: |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| FOR        | AGAINST   | ABSTAIN | BROKERNON-VOTES |
|------------|-----------|---------|-----------------|
| 55,417,098 | 1,148,420 | 157,579 | 0               |

|         (3)   | Adoption of the Cleco Corporation 2010 LTICP: |
|------------------------------------------------------------|-----------------------------------------------|

| FOR        | AGAINST   | ABSTAIN | BROKERNON-VOTES |
|------------|-----------|---------|-----------------|
| 42,764,752 | 7,696,458 | 423,119 | 5,838,768       |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

ITEM 6.     EXHIBITS 

|  CLECO CORPORATION |                                                                                                                                                                                                                       |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                     | Bylaws of Cleco Corporation, revised effective July 1, 2009                                                                                                                                                           |
| 10.1                    | Executive Employment Agreement between Cleco Corporation and George W. Bausewine effective as of May 5, 2009                                                                                                          |
| 12(a)                   | Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Stock Dividends for the three-, six-, and twelve-month periods ended June 30, 2009, for Cleco Corporation  |
| 31.1                    | CEO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                    |
| 31.2                    | CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                    |
| 32.1                    | CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                           |
| 32.2                    | CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                           |
|                    |                                                                                                                                                                                                                       |
| CLECO POWER             |                                                                                                                                                                                                                       |
| 3.2                     | Operating Agreement of Cleco Power LLC, revised effective July 1, 2009                                                                                                                                                |
| 12(b)                   | Computation of Ratios of Earnings to Fixed Charges for the three-, six-, and twelve-month periods ended June 30, 2009, for Cleco Power                                                                                |
| 31.3                    | CEO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                    |
| 31.4                    | CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                    |
| 32.3                    | CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                           |
| 32.4                    | CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                           |

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

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

----

| CLECO CORPORATION                                          |                            |
|-------------------------------------------------------------------------------------|---------------------------------|
| CLECO POWER             | 2009 2ND QUARTER FORM 10-Q |

----

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

August 5, 2009 

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----