** **

**UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549**

__________________

**FORM 10-K**

**[X]  ANNUAL REPORT PURSUANT TO SECTION 13OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For thefiscal year ended December 31, 2005Or

**[  ]  TRANSITION REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

__________________

**Commissionfile number 1-15759**

**CLECO CORPORATION***(Exact name ofregistrant as specified in its charter)*

| ** **                                                                                                                     | ** **                                                 |
|--------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
| **Louisiana***(State or other jurisdiction of incorporation or organization) *                                            | **72-1445282***(I.R.S. Employer Identification No.) * |
| ** **                                                                                                                     | ** **                                                 |
| **2030 Donahue Ferry Road, Pineville, Louisiana*******(Address of principal executive offices) *                          | **71360-5226***(Zip Code) *                           |
| ** **                                                                                                                     | ** **                                                 |
| **Registrant's telephone number, including area code:  (318)  484-7400 **                                            |
| ** **                                                                                                                     |
| **Securities registered pursuant to Section 12(b) of the Act: **                                                          |
| ** **                                                                                                                     |
| **Title  of each class**                                                                                                       |                                                            | **Name  of each exchange on which registered** |
| Common Stock, $1.00 par value, and associated rights to purchase  Preferred Stock                                         |                                                            | New York Stock Exchange  |
|                                                                                                                                |                                                            |  |
| **Securities registered pursuant to Section 12(g) of the Act: **                                                          |
|                                                                                                                                |                                                            |
| **Title  of each class**                                                                                                       |
| 4.50% Cumulative Preferred Stock, $100 Par Value Convertible  Cumulative Preferred Stock, $100 Par Value, Series of 1991  |
|                                                                                                                                |                                                            |  |  |

__________________

**Commissionfile number 0-01272**

**CLECO POWER LLC***(Exact name ofregistrant as specified in its charter)*

| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|
| **Louisiana***(State or other jurisdiction of incorporation or organization) *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | **72-0244480*******(I.R.S. Employer Identification No.) * |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **                                                     |
| **2030  Donahue Ferry Road, Pineville, Louisiana***(Address of principal executive offices) *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **71360-5226***(Zip Code) *                               |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **                                                     |
| **Registrant's telephone number, including area code:  (318)  484-7400 **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Securities registered pursuant to Section 12(b) of the Act: **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Title  of each class**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ** **                                                     | **Name  of each exchange on which registered** |
| 6.52% Medium-Term Notes due 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                | New York Stock Exchange  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                |  |
| **Securities registered pursuant to Section 12(g) of the Act:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                |
| **Title  of each class**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Membership Interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Cleco  Power LLC, a wholly owned subsidiary of Cleco Corporation, meets the  conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K  and is therefore filing this Form 10-K with the reduced disclosure format. **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark if Cleco Corporation is a well-known seasoned issuer, as  defined in Rule 405 of the Securities Act.  Yes   x       No ___                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark if Cleco Power LLC is a well-known seasoned issuer, as defined  in Rule 405 of the Securities Act.  Yes          No   x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark if the Registrants are not required to file reports pursuant to  Section 13 or Section 15(d) of the Act.    Yes          No   x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark whether the Registrants: (1) have filed all reports required to  be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during  the preceding 12 months (or for such shorter period that the Registrants were  required to file such reports) and (2) have been subject to such filing  requirements for the past 90 days.  Yes   x       No __                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark if disclosure of delinquent filers pursuant to Item 405 of  Regulation S-K is not contained herein, and will not be contained, to the  best of each of the Registrant's knowledge, in definitive proxy or  information statements incorporated by reference in Part III of this Form  10-K or any amendment to this Form 10-K.     x                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark whether Cleco Corporation is a large accelerated filer, an  accelerated filer, or a non-accelerated filer.  See definition of  "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange  Act.  (Check one):    Large  accelerated filer   x                         Accelerated  filer                                        Non-accelerated  filer               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate  by check mark whether Cleco Power LLC is a large accelerated filer, an  accelerated filer, or a non-accelerated filer.  See definition of  "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange  Act.  (Check one):    Large  accelerated filer                              Accelerated  filer                                        Non-accelerated  filer     x     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Indicate  by check mark whether the Registrants are shell companies (as defined in Rule  12b-2 of the Exchange Act)  Yes            No   x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                |  |  |

The aggregatemarket value of the Cleco Corporation voting stock held by non-affiliates was $1,003,238,841as of the last business day of Cleco Corporation's most recently completedsecond fiscal quarter, based on a price of $21.57 per common share, the closingprice of Cleco Corporation's common stock as reported on the New York StockExchange on such date.  Cleco Corporation's Cumulative Preferred Stock is notlisted on any national securities exchange, nor are prices for the CumulativePreferred Stock quoted on any national automated quotation system; therefore,its market value is not readily determinable and is not included in the foregoingamount.

----

(Continuationof cover page)

As ofFebruary 1, 2006, there were 50,137,351 outstanding shares of ClecoCorporation's Common Stock, par value $1.00 per share.  As of February 1, 2006,all of Cleco Power's Membership Interests were owned by Cleco Corporation.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of Cleco Corporation's definitive Proxy Statementrelating to its Annual Meeting of Shareholders to be held on April 21, 2006,are incorporated by reference into Part III herein.

This combined Form 10-Kis separately filed by Cleco Corporation and Cleco Power.  Information in thisfiling relating to Cleco Power is filed by Cleco Corporation and separately byCleco Power on its own behalf.  Cleco Power makes no representation as toinformation relating to Cleco Corporation (except as it may relate to ClecoPower) or any other affiliate or subsidiary of Cleco Corporation.

This report should be read in itsentirety as it pertains to each respective Registrant.  The Notes to theFinancial Statements for the Registrants and certain other sections of thisreport are combined.

TABLE OF CONTENTS

|                                                        |                   PAGE                                                          |
|--------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| GLOSSARYOF  TERMS                                      |                            3       |
| DISCLOSURE REGARDING  FORWARD-LOOKING STATEMENTS  |                            6  |
|                                                        |                                                                                                                                                                      |  |
| **PART I**                                             |                                                                                                                                                                      |  |
| ITEM 1.                                                | Business                                                                                                                                                             |  |
|                                                        |      General                                                                                                                                     |                            7 |
|                                                        |      Operations                                                                                                                                  |                            7 |
|                                                        |      Regulatory  Matters, Industry Developments, and Franchises                                                                                  |                          12 |
|                                                        |      Environmental  Matters                                                                                                                      |                          13 |
| ITEM 1A.                                               | Risk Factors                                                                                                                                                         |                          16 |
| ITEM 1B.                                               | Unresolved Staff  Comments                                                                                                                                           |                          20 |
| ITEM 2.                                                | Properties                                                                                                                                                           |                          20 |
| ITEM 3.                                                | Legal Proceedings                                                                                                                                                    |                          20 |
| ITEM 4.                                                | Submission of Matters  to a Vote of Security Holders                                                                                                                 |                          21 |
|                                                        | Board of Directors of Cleco                                                                                                                                          |                          21 |
|                                                        | Executive Officers of Cleco                                                                                                                                     |                          22  |
|                                                        |                                                                                                                                                                      |  |
| **PART II**                                            |                                                                                                                                                                      |  |
| ITEM 5.                                                | Market for Registrants'  Common Equity, Related Stockholder Matters and Cleco Corporation's Purchases  of Equity Securities                                          |                          24 |
| ITEM 6.                                                | Selected Financial  Data                                                                                                                                             |                          25 |
| ITEM 7.                                                | Management's  Discussion and Analysis of Financial Condition and Results of Operations                                                                               |                          26 |
| ITEM 7A.                                               | Quantitative and  Qualitative Disclosures About Market Risk                                                                                                          |                          55 |
| ITEM 8.                                                | Financial Statements  and Supplementary Data                                                                                                                         |                          57 |
| ITEM 9.                                                | Changes in and  Disagreements with Accountants on Accounting and Financial Disclosure                                                                                |                       114 |
| ITEM 9A.                                               | Controls and  Procedures                                                                                                                                             |                       114 |
| ITEM 9B.                                          | Other Information                                                                                                                                               |                       114  |
|                                                        |                                                                                                                                                                      |  |
| **PART III**                                           |                                                                                                                                                                      |  |
| ITEM 10.                                               | Directors and  Executive Officers of the Registrants                                                                                                                 |                       115 |
| ITEM 11.                                               | Executive Compensation                                                                                                                                               |                       115 |
| ITEM 12.                                               | Security Ownership of  Certain Beneficial Owners and Management and Related Stockholder Matters                                                                      |                       116 |
| ITEM 13.                                               | Certain Relationships  and Related Transactions                                                                                                                      |                       116 |
| ITEM 14.                                          | Principal Accountant  Fees and Services                                                                                                                         |                       117  |
|                                                        |                                                                                                                                                                      |  |
| **PART IV**                                            |                                                                                                                                                                      |  |
| ITEM 15.                                               | Exhibits and Financial  Statement Schedules                                                                                                                          |                       118 |
|                                                        | Signatures                                                                                                                                                           |                       128 |
|                                                        |                                                                                                                                                                      |  |  |

2

----

GLOSSARY OF TERMS

References in this filing, including allitems in Parts I, II, III, and IV, to "Cleco" mean Cleco Corporation and itssubsidiaries, including Cleco Power, and references to "Cleco Power" mean ClecoPower LLC, unless the context clearly indicates otherwise.  Additional abbreviationsor acronyms used in this filing, including all items in Parts I, II, III, andIV are defined below:

| ABBREVIATION OR ACRONYM | DEFINITION
1935 FPA

1935 Federal Power Act

401(k) Plan

Cleco Power 401(k)  Savings and Investment Plan 

Acadia

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

AFUDC

Allowance for Funds  Used During Construction

APB

Accounting Principles  Board 

APB Opinion No. 18

The Equity Method of  Accounting for Investments in Common Stock

APB Opinion No. 20

Accounting Changes

APB Opinion No. 25

Accounting for Stock  Issued to Employees

APB Opinion No. 29

Accounting for  Nonmonetary Transactions

APH

Acadia Power Holdings  LLC, a wholly owned subsidiary of Midstream

Aquila Energy

Aquila Energy  Marketing Corporation

Aquila Tolling Agreement

Capacity  Sale and Tolling Agreement between Acadia and Aquila Energy

ARB

Accounting Research  Bulletin

ARB No. 51

Consolidated Financial  Statements

Attala

Attala Transmission  LLC, a wholly owned subsidiary of Midstream

Calpine

Calpine Corporation

Calpine Debtors

Calpine, CES, and  certain other Calpine subsidiaries

Calpine Debtors Bankruptcy Court

U.S. Bankruptcy Court for the Southern District of New  York

Calpine Tolling Agreements

Capacity Sale and Tolling Agreements between Acadia and  CES which expires in 2022

CCN

Certificate of Public  Convenience and Public Necessity

CES

Calpine Energy  Services, L.P.

CLE Intrastate

CLE Intrastate Pipeline Company LLC, a wholly owned  subsidiary of Midstream

Cleco Energy

Cleco Energy LLC, a  wholly owned subsidiary of Midstream

Compliance Plan

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

Consent Agreement

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

DHLC

Dolet Hills Lignite  Company, LLC, a wholly owned subsidiary of SWEPCO

Diversified Lands

Diversified Lands LLC, a wholly owned subsidiary of Cleco  Innovations LLC, a wholly owned subsidiary of Cleco Corporation

EITF

Emerging Issues Task Force of the FASB

EITF No. 04-10

Applying Paragraph 19  of FASB Statement No. 131, Disclosures about Segments of an Enterprise and  Related Information, in Determining Whether to Aggregate Operating Segments  That Do Not Meet the Quantitative Thresholds

EITF No. 04-13

Accounting for  Purchases and Sales of Inventory with the Same Counterparty

EITF No. 05-6

Determining the Amortization Period for Leasehold  Improvements

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

ESOP

Cleco Corporation Employee Stock Ownership Plan

ESPP

Cleco Corporation Employee Stock Purchase Plan

Evangeline

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

Evangeline Tolling Agreement

Capacity Sale and Tolling Agreement between Evangeline  and Williams which expires in 2020

FASB

Financial Accounting Standards Board

FERC

Federal Energy Regulatory Commission

FIN

FASB Interpretation No.

FIN 45

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

FIN 45-3

Application of FASB Interpretation No. 45 to Minimum  Revenue Guarantees Granted to a Business or its Owners

FIN 46R

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

FIN 46R-5

Implicit Variable Interests under FASB Statement  Interpretation No. 46 (revised December 2003), Consolidation of Variable  Interest Entities

FIN 47

Accounting for Conditional Asset Retirement Obligations -  an interpretation of FASB Statement No. 143

FSP

FASB Staff Position

3

  ABBREVIATION OR ACRONYM

  DEFINITION
FSP APB No. 18-1

Accounting by an  Investor for Its Proportionate Share of Accumulated Other Comprehensive  Income of an Investee Accounted for under the Equity Method in Accordance  with APB Opinion No. 18 upon a Loss of Significant Influence

FSP SFAS No. 13-1

Accounting for Rental Costs Incurred during a Construction  Period

FSP SFAS No. 106-2

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

FSP SFAS No. 115-1 and SFAS No. 124-1

The Meaning of Other-than-Temporary Impairment and Its  Application to Certain Investments

GDP-IPD

Gross Domestic Product - Implicit Price Deflator

Generation Services

Cleco Generation Services LLC, a wholly owned subsidiary  of Midstream

ICT

Independent Coordinator of Transmission

IRP

Integrated Resource Planning

kWh

Kilowatt-hour(s) as applicable

LDEQ

Louisiana Department of Environmental Quality

LIBOR

London Inter-Bank Offer Rate

Lignite Mining Agreement

Dolet Hills Mine Lignite Mining Agreement, dated as of  May 31, 2001

LPSC

Louisiana Public Service Commission

LTICP

Cleco Corporation Long-Term Incentive Compensation Plan

MAEM

Mirant Americas Energy  Marketing, LP

 
MAI

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

 
Marketing & Trading

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

 
Midstream

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

 
Mirant

Mirant Corporation

 
Mirant Debtors

Mirant, MAEM, MAI, and certain other Mirant subsidiaries

 
Mirant Debtors Bankruptcy Court

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

 
MMBtu

Million British thermal units

 
MW

Megawatt(s) as applicable

 
MWh

Megawatt-hour(s) as applicable

 
Not meaningful

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

 
NOx

Nitrogen oxides

 
OATT

Open access transmission tariff

 
PEH

Perryville Energy Holdings LLC, a wholly owned subsidiary  of Midstream

 
Perryville

Perryville Energy Partners, L.L.C., a wholly owned  subsidiary of PEH, which retains ownership of the plant-related transmission  assets following the sale of its 718-MW, natural gas-fired power plant (sold  to Entergy Louisiana on June 30, 2005) near Perryville, Louisiana

 
Perryville and PEH Bankruptcy Court

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

 
Perryville Tolling Agreement

Capacity Sale and Tolling Agreement between Perryville  and MAEM

 
Power Purchase Agreement

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

 
PRP

Potentially responsible party

 
PUHCA

Public Utility Holding Company Act of 1935

 
PURPA

Public Utility Regulatory Policies Act of 1978

 
Registrant(s)

Cleco Corporation and Cleco Power

 
RFP

Request for Proposal

 
RSP

Rate Stabilization Plan

 
RTO

Regional Transmission Organization

 
Sale Agreement

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

 
SEC

Securities and Exchange Commission

 
Senior Loan Agreement

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

 
SERP

Cleco Corporation Supplemental Executive Retirement Plan

 
SESCO

San Angelo Electric Service Company

 
SFAS

Statement of Financial Accounting Standards

 
SFAS No. 3

Reporting Accounting Changes in Interim Financial  Statements

 
SFAS No. 13

Accounting for Leases

 
SFAS No. 29

Determining Contingent Rentals

 
SFAS No. 71

Accounting for the Effects of Certain Types of Regulation

 
SFAS No. 87

Employers' Accounting for Pensions

 
SFAS No. 94

Consolidation of All Majority Owned Subsidiaries

 
SFAS No. 95

Statement of Cash Flows

 
SFAS No. 106

Employers' Accounting for Postretirement Benefits Other  Than Pensions

 
SFAS No. 109

Accounting for Income Taxes

 
SFAS No. 115

Accounting for Certain Investments in Debt and Equity  Securities

 
SFAS No. 123

Accounting for Stock-Based Compensation

 
4

  ABBREVIATION OR ACRONYM

  DEFINITION
 
SFAS No. 123R

Share-Based Payment

 
SFAS No. 124

Accounting for Certain Investments Held by  Not-for-Profit Organizations

 
SFAS No. 131

Disclosures about Segments of an Enterprise and  Related Information

 
SFAS No. 133

Accounting for Derivative Instruments and Hedging  Activities

 
SFAS No. 143

Accounting for Asset Retirement Obligations

 
SFAS No. 144

Accounting for the Impairment or Disposal of  Long-Lived Assets

 
SFAS No. 149

Amendment of Statement 133 on Derivative  Instruments and Hedging Activities

 
SFAS No. 154

Accounting Changes and Error Corrections

 
SOP 90-7

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

 
SPP

Southwest Power Pool

 
SO2

Sulfur dioxide

 
Subordinated Loan Agreement

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

 
SWEPCO

Southwestern Electric Power Company

 
Support Group

Cleco Support Group LLC, a wholly owned subsidiary of  Cleco Corporation

 
Teche

Teche Electric Cooperative, Inc.

 
VAR

Value-at-risk

 
Westar

Westar Energy, Inc.

 
Williams

Williams Power Company, Inc.

 
****5

DISCLOSURE REGARDINGFORWARD-LOOKING STATEMENTS
This report includes"forward-looking statements" about future events, circumstances, and results.  Allstatements other than statements of historical fact included in this report areforward-looking statements, including, without limitation, statements regardingthe construction, timing and expense of Cleco Power's proposed 600-MW solid-fuelpower plant, future capital expenditures, and future environmental regulations.  Although the Registrants believe that theexpectations reflected in such forward-looking statements are reasonable, suchforward-looking statements are based on numerous assumptions (some of which mayprove to be incorrect) and are subject to risks and uncertainties that couldcause the actual results to differ materially from the Registrants'expectations.  In addition to any assumptions and other factors referred tospecifically in connection with these forward-looking statements, the followinglist identifies some of the factors that could cause the Registrants' actualresults to differ materially from those contemplated in any of the Registrants'forward-looking statements:-  Factors affecting utility operations, such as unusual weatherconditions or other natural phenomena; catastrophic weather-related damage(such as hurricanes and tropical storms); unscheduled generation outages; unusualmaintenance or repairs; unanticipated changes to fuel costs, cost of andreliance on natural gas as a component of Cleco's generation fuel mix and theirimpact on competition and franchises, fuel supply costs or availabilityconstraints due to higher demand, shortages, transportation problems or otherdevelopments; environmental incidents; or power transmission systemconstraints;
-  Cleco Corporation's holding company structure and its dependence onthe earnings of its subsidiaries and the distribution of such earnings to Clecoin the form of dividends or distributions to meet its debt obligations and paydividends on its common stock;
-  Cleco Power's ability to construct, operate, and maintain, withinits projected costs (including financing), a proposed 600-MW solid-fuel powerplant in addition to any other self-build projects identified in future IRP andRFP processes;
-  Dependence of Cleco Power for energy from sources other than its facilitiesand the uncertainty of future long-term sources of such additional energy; 
-  Nonperformance by and creditworthiness of counterparties undertolling, power purchase, and energy service agreements, or the restructuring ofthose agreements, including possible termination;
-  Outcome of the Calpine Debtors bankruptcy filing and their motionto reject the Calpine Tolling Agreements;
-  Regulatory factors such as changes in rate-setting policies,recovery of investments made under traditional regulation, the frequency andtiming of rate increases or decreases, the results of periodic fuel audits, theresults of IRP and RFP processes, the timely recovery of storm restorationcosts, and the formation of RTOs and ICTs;
-  Financial or regulatory accounting principles or policies imposedby the FASB, the SEC, the Public Company Accounting Oversight Board, the FERC,the LPSC or similar entities with regulatory or accounting oversight;
-  Economic conditions, including the ability of customers tocontinue paying for high energy costs, related growth and/or down-sizing of businessesin Cleco's service area, monetary fluctuations, and inflation rates;
-  Credit ratings of Cleco Corporation, Cleco Power, and Evangeline; 
-  Changing market conditions and a variety of other factorsassociated with physical energy, financial transactions, and energy serviceactivities, 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'sbusiness or financial condition, interest rates, and securities ratings ormarket perceptions of the electric utility industry and energy-relatedindustries;
-  Employee work force factors, including work stoppages and changesin key executives;
-  Legal, environmental, and regulatory delays and other obstaclesassociated with mergers, acquisitions, capital projects, reorganizations, orinvestments in joint ventures;
-  Costs and other effects of legal and administrative proceedings,settlements, investigations, claims and other matters; and
-  Changes in federal, state, or local legislative requirements,such as the adoption of the Energy Policy Act of 2005, and changes in tax lawsor rates, regulating policies or environmental laws and regulations.

For additionaldiscussion of these factors and other factors that could cause actual resultsto differ materially from those contemplated in the Registrants'forward-looking statements, please read Item 1A, "Risk Factors" and Item 7,"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Cleco Power - Significant Factors Affecting Cleco Power" and "-Midstream - Significant Factors Affecting Midstream."

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

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

6

PARTI

**ITEM 1.**       BUSINESS

**GENERAL**
Cleco Corporation was incorporated on October 30,1998, under the laws of the State of Louisiana.  Cleco Corporation is a publicutility holding company which holds investments in several subsidiaries,including Cleco Power and Midstream, which are its operating business segments. Cleco Corporation, subject to certain limited exceptions, was exempt fromregulation as a public utility holding company pursuant to Section 3(a)(1) ofPUHCA, and expects to be exempt from certain provisions of the Public UtilityHolding Company Act of 2005, which became effective February 8, 2006.

Cleco Power's predecessor was incorporated on January 2,1935, under the laws of the State of Louisiana.  Cleco Power was organized onDecember 12, 2000.  Cleco Power is an electric utility engaged principally inthe generation, transmission, distribution and sale of electricity withinLouisiana.  Cleco Power is regulated by the LPSC and the FERC, among otherregulators, which determine the rates Cleco Power can charge its customers.  ClecoPower serves approximately 267,000 customers in 104 communities in central andsoutheastern Louisiana.  Cleco Power's operations are described below in theconsolidated description of Cleco's business segments.

Midstream, organized on September 4, 1998, underthe laws of the State of Louisiana, is a merchant energy subsidiary that ownsand operates a merchant generation station, invests in a joint venture thatowns and operates a merchant generation station, and owns and operatestransmission interconnection facilities.  

At December 31, 2005, Cleco employed 1,158 people. Cleco's mailing address is P.O. Box 5000, Pineville, Louisiana 71361-5000, andits telephone number is (318) 484-7400.  Cleco's homepage on the Internetis located at http://www.cleco.com.  Cleco Corporation's and Cleco Power'sAnnual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports onForm 8-K and other filings with the SEC are available, free of charge, throughCleco's website after those reports or filings are filed electronically with orfurnished to the SEC.  Cleco's corporate governance guidelines, code ofbusiness conduct, ethics and business standards, and the charters of its boardof directors' audit, compensation, executive, finance, nominating/governanceand qualified legal compliance committees are available on its website and availablein print to any shareholder upon request.  Cleco's filings also can be obtainedat the SEC's Public Reference Room at 100 F Street, NE, Room 1580, Washington,DC 20549.  Information on the operation of the Public Reference Room may beobtained by calling the SEC at 1-800-SEC-0330.  Cleco's electronically filedreports also can be obtained on the SEC's Internet site located athttp://www.sec.gov.  Information on Cleco's website or any other website is notincorporated by reference into this Report and does not constitute a part ofthis Report.

At December 31, 2005, Cleco Power employed 882 people. Cleco Power's mailing address is P.O. Box 5000, Pineville, Louisiana,71361-5000, and its telephone number is (318) 484-7400.

Cleco Power meets the conditions specified inGeneral Instructions I(1)(a) and (b) to Form 10-K and therefore is permitted touse the reduced disclosure format for wholly owned subsidiaries of reportingcompanies.  Accordingly, Cleco Power has omitted from this Report theinformation called for by Item 4 (Submission of Matters to a Vote of SecurityHolders) of Part I of Form 10-K; the following Part II items of Form 10-K:  Item6 (Selected Financial Data) and Item 7 (Management's Discussion and Analysis ofFinancial Condition and Results of Operations); and the following Part IIIitems of Form 10-K:  Item 10 (Directors and Executive Officers of theRegistrants), Item 11 (Executive Compensation), Item 12 (Security Ownership ofCertain Beneficial Owners and Management and Related Stockholder Matters), andItem 13 (Certain Relationships and Related Transactions).

**OPERATIONS**

**Cleco Power**

***Segment Financial Information***

Financial results of the Cleco Power segment foryears 2005, 2004, and 2003 are presented below.

(THOUSANDS)

**                   2005**

                   2004

                   2003

Revenue

** **

     Electric operations

**$    874,557**

   $      718,151

   $      676,002

     Other operations

**       38,357**

             30,165

             30,639

     Electric customer credits

**           (992)**

            (20,889)

              (1,562)

     Affiliate revenue

**              49**

                      22

                         -

     Intercompany revenue

**         2,002**

                1,860

                2,209

Operating revenue, net

**$    913,973**

   $      729,309

   $      707,288

Depreciation expense

**$      58,696**

   $        56,731

   $        54,084

Interest charges

**$      27,593**

   $        28,445

   $        28,774

Interest income

**$        4,355**

   $          3,561

   $          1,335

Federal and state income taxes

**$      37,495**

   $        27,691

   $        29,846

Segment profit 

**$      59,081**

   $        52,202

   $        57,008

Additions to long-lived assets  

**$    186,441**

   $        78,700

   $        68,507

Segment assets

**$ 1,765,934**

   $   1,425,388

   $   1,378,916

***Certain Factors Affecting Cleco Power***

As an electric utility, Cleco Power is affected,to varying degrees, by a number of factors influencing the electric utility industryin general.  These factors include, among others, fluctuations in the price ofnatural gas, an increasingly competitive business environment, the cost ofcompliance with environmental regulations, and changes in the federal and stateregulation of generation, transmission, and the sale of electricity.  For adiscussion of various regulatory changes and 

7

competitive forces affecting Cleco Power and other electric utilities, see "-Regulatory Matters, Industry Developments, and Franchises - Franchises" andPart II, Item 7, "Management's Discussion and Analysis of Financial Conditionand Results of Operations - Financial Condition - Market Restructuring."  For adiscussion of significant factors affecting Cleco Power's financial condition,see Item 1A, "Risk Factors - Rodemacher Unit 3 CCN," "- Rodemacher Unit 3 Construction,""- Storm Damage Costs," "- LPSC Regulation," "- Fuel Costs," "- PurchasedPower," "- Energy Sales," "- Cleco Power Generation Facilities," and "- FERCRegulation."

***Power Generation***

Cleco Power operates and either owns or has anownership interest in three steam electric generating stations and one gasturbine.  As of December 31, 2005, Cleco Power's aggregate net electricgenerating capacity was 1,359 MW.  The following table sets forth certain informationwith respect to Cleco Power's generating facilities:

GENERATING STATION

   GENERATING 

             UNIT #

YEAR OF

INITIAL

OPERATION

         NET  CAPACITY        (MW)

      TYPE OF FUEL

                USED FOR

          GENERATION(1)

Franklin Gas Turbine

                       

            1973

              7

                        gas

Teche Power Station

                   1

            1953

           23

                        gas

                   2

            1956

           48

                        gas

                   3

            1971

         359

gas/oil (standby)

Rodemacher Power Station

                   1

            1975

         440

gas/oil (standby)

                   2

            1982

        157(2)

               coal/gas

Dolet Hills Power Station

                       

            1986

        325(3)

                    lignite

     Total generating capability

     1,359

(1)  When oilis used on a standby basis, capacity may be reduced.

(2)  RepresentsCleco Power's 30% ownership interest in the capacity of Rodemacher Unit 2, a523-MW generating unit.

(3)  RepresentsCleco Power's 50% ownership interest in the capacity of Dolet Hills, a 650-MWgenerating unit.
 
Thefollowing table sets forth the amounts of power generated by Cleco Power forthe years indicated.

PERIOD

      THOUSAND              MWh

               PERCENT OF TOTAL              ENERGY  REQUIREMENTS

**2005**

**     5,284**

**                       51.2**

2004

           4,820

                                    46.3

2003

           5,044

                                    49.6

2002

           5,405

                                    54.6

2001

           5,536

                                    59.7

Cleco Power plans to construct anadditional 600 MW solid-fuel power plant at its Rodemacher facility at an estimatedcost of $1.0 billion.  Construction is scheduled to begin in the second quarterof 2006 pending receipt of governmental approvals.  The plant is expected to beon-line in the fourth quarter of 2009.  For additional information on ClecoPower's proposed solid-fuel unit, see Part II, Item 7, "Management's Discussionand Analysis of Financial Condition and Results of Operations - Cleco Power."

***Fuel and Purchased Power***

Changes infuel and purchased power expenses reflect fluctuations in types and pricing of fuelused for electric generation, fuel handling costs, availability of economicalpower for purchase, and deferral of expenses for recovery from customers throughthe fuel adjustment clause in subsequent months.  For a discussion on thechanges in fuel costs and its impact on utility customers, see Item 1A, "RiskFactors - Fuel Costs" and "- Purchased Power."

The followingtable sets forth the percentages of power generated from various fuels at ClecoPower's electric generating plants, the cost of fuel used per MWh attributableto each such fuel, and the weighted average fuel cost per MWh.
    

LIGNITE

COAL

                     GAS

             FUEL  OIL

WEIGHTED
  YEAR

        COST PER MWh

   PERCENT OF   GENERATION

      COST PER MWh

         PERCENT OF           GENERATION

      COST PER MWh

         PERCENT OF           GENERATION

      COST PER MWh

         PERCENT OF GENERATION

                 AVERAGE   COST PER MWh

**2005**

**        $            17.44**

**           45.7**

**        $         19.44**

**           20.6**

**        $         85.72**

**           27.3**

**        $         83.08**

**             6.4**

**        $ 40.79**

2004

$            17.19

                   48.5

$         17.45

                   19.8

$         72.33

                   30.3

$         72.13

                     1.4

                      $ 34.76

2003

$            16.72

                   47.1

$         16.25

                   17.3

$         60.79

                   34.8

$         71.78

                     0.8

                     $ 32.42

2002

$            16.25

                   43.1

$         14.82

                   16.6

$           8.94

                   40.3

$         58.99

                          *

                     $ 25.17

2001

$            17.35

                   40.9

$         15.19

                   14.4

$         51.70

                   42.9

$         57.76

                     1.8

                      $ 32.50

*    Less than 1/10  of one percent

*Power Purchases*

When the marketprice of power is more economical than self-generation of power or when ClecoPower needs power to supplement its own electric generation, and when transmissioncapacity is available, Cleco Power purchases power from energy marketingcompanies or neighboring utilities.  These purchases are made from thewholesale power market in the form of generation capacity and/or energy.  Portionsof Cleco Power's capacity and power purchases were made at fixed prices, and theremainder were made approximately at prevailing market prices.

The following table sets forth the average costand amounts of power purchased by Cleco Power on the wholesale market.

  PERIOD

               COST PER MWh

      THOUSAND              MWh

               PERCENT OF TOTAL        ENERGY REQUIREMENTS

**2005**

** $      69.84**

**     5,028**

**                        48.8**

2004

   $      42.36

           5,592

                                     53.7

2003

   $      37.81

           5,134

                                     50.4

2002

   $      27.52

           4,482

                                     45.4

2001

   $      29.56

           3,739

                                     40.3

8

During 2005, 48.8% of Cleco Power'senergy requirements were met with purchased power, down from 53.7% in 2004.  Theprimary factor causing the decrease was the increased generation of power fromCleco Power's own facilities due to higher-priced purchase power compared to ClecoPower's incremental generation cost.  Forinformation on Cleco Power's ability to pass on to its customers substantiallyall of its fuel and purchased power expenses, see "- Regulatory Matters,Industry Developments, and Franchises - Rates."

During 2005, Cleco Power obtained approximately 29.6%of its annual capacity from a five-year, 100-MW power contract with Williamsand a one-year, 500-MW power contract with CES, both of which expired onDecember 31, 2005.  Cleco Power has a long-term contract allowing for the purchaseof 20 MW of power from the Sabine River Authority, which operates ahydroelectric generating plant.  In addition, Cleco Power has a wholesale powercontract with the city of Natchitoches for 51 MW of capacity that expires inDecember 2009.

As a result of its multiple RFPs, Cleco Powersigned two power purchase contracts on August 1, 2005.  The first was afour-year contract for 500 MW from Williams beginning in January 2006.  Theother was a one-year contract for 200 MW of capacity from CES also beginning inJanuary 2006.  Both power purchase contracts were certified by the LPSC in November2005.  As a result of the Calpine Debtors declaring bankruptcy in late December2005, Cleco Power continues to explore alternatives to ensure it has access to sufficientsupplies of energy should the CES contract need to be replaced.  As of the dateof this Form 10-K, CES has performed its obligations under this one-year contract.

Management expects to meet its native load demandin 2006 with Cleco Power's own generation capacity and power contracts withWilliams and CES (or if terminated, replacements to the CES contract).  ClecoPower has issued an RFP for up to 450 MW to meet its 2007 capacity and energy requirements. The options selected in this RFP will begin January 1, 2007.  For additionalinformation on Cleco Power's risks associated with purchased power contracts,see Item 1A, "Risk Factors - Purchased Power."

In 2003, Cleco Power formed an IRP team to evaluateits long-term capacity requirements.  IRP is a process to evaluate resources inorder to provide reliable and flexible power supplies to electric customers atthe lowest reasonable cost.  A full range of options were analyzed including newgeneration asset construction, power purchases, fuel conversion, repoweringprojects, asset acquisitions, additional transmission infrastructure, cogeneration,plant retirements, and mothballing of existing assets.  The process considersoperational and economical features, such as construction, operating and fuelcosts, fuel diversity, reliability, ease of dispatch, environmental impact, andother factors of risk.  The IRP team has developed a framework for evaluatingproposed options to optimize service for Cleco Power's customers' needs and to reduceand stabilize their fuel cost without sacrificing reliability.  Any viablegeneration alternative must then be validated through an LPSC-sanctioned RFP process. For additional information on Cleco Power's power supply, see Item 1A, "RiskFactors - Rodemacher Unit 3 CCN," "- Rodemacher Unit 3 Construction," and "- PurchasedPower."

Because of its location on the transmission grid,Cleco Power relies on two main suppliers of electric transmission whenaccessing external power markets.  At times, constraints limit the amount ofpurchased power these transmission providers can deliver into Cleco Power'sservice territory.  The power contracts with Williams and CES that began onJanuary 1, 2006, as well as spot market power purchases, may be affected bythese transmission constraints.

*Coal and Lignite Supply*

Cleco Poweruses coal for generation at Rodemacher Unit 2.  The majority of this coal ispurchased from mines in Wyoming's Powder River Basin from Kennecott EnergyCompany (Kennecott).  In July 2004, Cleco Power entered into a new two-yearagreement with Kennecott that established fixed pricing through December 31,2006, for the majority of Cleco Power's coal needs.  Due to force majeureevents in 2005 relating to rail transportation from the Powder River Basin,Cleco Power purchased coal from sources outside the Powder River Basin atprices higher than those provided for in the Kennecott contract for part of2005.  For a discussion on the changes in fuel costs and its impact on utilitycustomers, see Item 1A, "Risk Factors - Fuel Costs."  For 2006, Cleco Power has contracted for additional coal fromthe spot market.  During 2005, Cleco Power signed a three-year agreement withUnion Pacific for transportation of coal from the Powder River Basin toRodemacher Unit 2 through 2008.  ClecoPower leases railcars to transport its coal under two long-term leases.  One ofthe railcar leases expires in March 2017, and the other expires in March 2021.

Cleco Poweruses lignite for generation at the Dolet Hills power station.  Substantiallyall of the lignite used to fuel Dolet Hills is obtained under two long-termagreements.  Cleco Power and SWEPCO, each a 50% owner of Dolet Hills, haveacquired an undivided 50% interest in the other's leased and owned lignitereserves in northwestern Louisiana.  In May 2001, Cleco Power and SWEPCOentered into a long-term agreement with annual renewals through 2011 with DHLCfor the mining and delivery of such lignite reserves.  These reserves are expectedto provide a substantial portion of the Dolet Hills' unit's fuel requirementsthroughout the life of the contract with DHLC.

Additionally,Cleco Power and SWEPCO have entered into an agreement which expires in 2011with Red River Mining Company to purchase lignite.  Cleco Power's minimumannual purchase requirement of lignite under this agreement is 550,000 tons.  Thelignite price under the contract is a base price per MMBtu, subject toescalation, plus certain "pass-through" costs.  DHLC provides all of thelignite in excess of the 550,000 tons base commitment.  For informationregarding deferred mining costs and obligations associated with the DHLC miningagreement see, Part II, Item 8, "Financial Statements and Supplementary Data -Notes to the Financial Statements - Note 3 - Regulatory Assets and Liabilities - 

9

Deferred Mining Costs" and Note 15 - "Litigation and Other Commitments andContingencies - Off-Balance Sheet Commitments."

The continuous supply of coal and lignite may besubject to interruption due to adverse weather conditions or other factors thatmay disrupt mining operations or transportation to the plant site.  At December31, 2005, Cleco Power's coal inventory at Rodemacher Unit 2 was approximately 110,000tons (about a 53-day supply), and Cleco Power's lignite inventory at DoletHills was approximately 206,000 tons (about a 34-day supply).

*Natural Gas Supply*

During 2005,Cleco Power purchased a total of 16,941,000 MMBtu of natural gas for thegeneration of electricity.  The annual and average per-day quantities of gaspurchased by Cleco Power from each supplier are shown in the table below.

  NATURAL GAS SUPPLIER

                    2005          PURCHASES               (MMBtu)

          AVERAGE  AMOUNT        PURCHASED PER DAY                           (MMBtu)

               PERCENT OF  TOTAL GAS  USED

Crosstex Gulf Coast Marketing  

** 3,750,000**

                       10,300

                22.1%

Cinergy Marketing & Trading

** 2,161,000**

                         5,900

                12.8%

Occidental Energy Marketing

** 2,146,000**

                         5,900

                12.7%

Crosstex LIG

** 1,857,000**

                         5,100

                11.0%

Chevron Texaco

** 1,763,000**

                         4,800

                10.4%

Conoco Phillips Company

** 1,081,000**

                         3,000

                   6.4%

Bridgeline Gas Marketing

** 1,066,000**

                         2,900

                   6.3%

Others

** 3,117,000**

                         8,500

                18.3%

     Total

**   16,941,000**

                       46,400

              100.0%

ClecoPower owns the natural gas pipelines and interconnections at its Rodemacher andTeche power stations.  This allows it to access various natural gas supplymarkets, which helps to maintain a more economical fuel supply for ClecoPower's customers.

Natural gaswas available without interruption throughout 2005, except for a period in lateAugust, September, and early October, when offshore deliveries were halted dueto Hurricanes Katrina and Rita.  Cleco Power was able to offset the supplydeficiency through limited deliveries of natural gas from existing suppliersplus the burning of fuel oil at its Rodemacher power station.  Cleco Powerexpects to continue to meet its natural gas requirements with purchases on thespot market through daily, monthly, and seasonal contracts with various naturalgas suppliers.  However, future supplies to Cleco Power remain vulnerable todisruptions due to weather events and transportation delays.  Large industrialusers of natural gas, including electric utilities, generally have low priorityamong gas users in the event pipeline suppliers are forced to curtaildeliveries due to inadequate supplies.  As a result, prices may increaserapidly in response to temporary supply interruptions.  Currently, Cleco Poweranticipates that its diverse supply options and alternative fuel capability, combinedwith its solid-fuel generation resources, are adequate to meet its fuel needsduring any temporary interruption of natural gas supplies.

*Fuel Oil Supply*

Cleco Powerstores fuel oil as an alternative fuel source at its Rodemacher and Teche powerstations.  The Rodemacher Power Station has storage capacity for an approximate95-day supply, and the Teche power station has storage capacity for anapproximate 28-day supply.  However, in accordance with Cleco Power's currentfuel oil inventory practices, Cleco Power had approximately a 42-day total supplyof fuel oil stored at these generating stations at December 31, 2005.  During2005, approximately 25 million gallons of fuel oil were burned, producing 341,000MWh of energy.

***Sales***

Cleco Power's2005 and 2004 system peak demands, which occurred in July 2005 and August 2004,were 2,014 MW and 1,940 MW, respectively.  Sales and system peak demand areaffected by weather and are highest during the summer air-conditioning andwinter heating seasons.  In 2005, Cleco Power experienced above-normal summer weatherand a mild winter.  For information on the effects of future energy sales on ClecoPower's financial condition, results of operations, and cash flows, see Item 1A,"Risk Factors - Energy Sales."  For information on the financial effects ofseasonal demand on Cleco Power's quarterly operating results, see Part II, Item8, "Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 25 - Miscellaneous Financial Information (Unaudited)."

Capacitymargin is the net capacity resources (either owned or purchased) less nativeload demand divided by net capacity resources.  Each year, members of the SPPsubmit forecasted native load demand and the forecasted mix of net capacityresources to meet this demand.  Cleco Power's actual capacity margin of9.6% in 2005 was below the SPP's capacity requirement of 12%, primarily due tohigher than expected native load demand.  During 2004, Cleco Power's capacitymargin was 19.9%.  Cleco Power anticipatesa 12.3% capacity margin for 2006 with expectations that its power purchasecontracts with Williams and CES will allow it to meet capacity reserve marginrequirements in 2006.  For additional information on Cleco Power's powercontracts and its evaluation of other supply options, see Part II, Item 7,"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition - Regulatory Matters - Generation RFP."

Cleco Power sustained significant damage to itsdistribution and transmission facilities, as approximately 87,000 customers(out of approximately 267,000 customers) were without power immediatelyfollowing Hurricane Katrina.  Four weeks after that storm, power had beenrestored to all who could receive service.  Cleco Power had approximately136,000 customers without power immediately following Hurricane Rita.  Withintwo weeks, service was restored to almost all customers, with the exception ofcustomers in remote areas of Cleco Power's rural service territory.  

10

**Midstream**

Financialresults of the Midstream segment for 2005, 2004, and 2003 are presented below.

(THOUSANDS)

**              2005**

              2004

              2003

Revenue

** **

     Tolling operations

**$            -**

   $    10,255

   $     98,726

     Other operations

**        113**

              115

         (1,597)

     Affiliate revenue

**     4,871**

           4,474

                    -

     Intercompany revenue

**          42**

              285

              168

Operating revenue, net

**$     5,026**

   $    15,129

   $     97,297

Depreciation expense

**$        316**

   $      2,197

   $     21,168

Impairments of long-lived assets

**$             -**

   $              -

   $   147,993

Interest charges

**$   15,302**

   $    17,764

   $     38,753

Interest income

**$             -**

   $           49

   $          624

Equity income from investees

**$ 218,505**

   $    47,538

   $     31,649

Federal and state income tax expense (benefit)

**$   77,992**

   $    12,022

   $  (49,250)

Segment profit (loss) from continuing operations,  net

**$ 122,355**

   $    17,829

   $  (80,152)

(Loss) income from discontinued operations,including gain on disposal, net of tax

**$     (334)**

   $           70

   $    (5,161)

Segment profit (loss) 

**$ 122,021**

   $    17,899

   $  (85,313)

Additions to (adjustments of) long-lived assets

**$          13**

   $      (142)

   $       4,843

Segment assets

**$ 338,645**

   $  328,512

   $   790,660

As ofDecember 31, 2005, Midstream wholly and directly owned six active limitedliability companies that operated mainly in Louisiana, Texas, and Mississippi:
-  Evangeline,which owns and operates a 775-MW combined-cycle natural gas-fired power plant. 
-  APH, which owns 50% of Acadia, a 1,160-MW combined-cyclenatural gas-fired power plant.
-  Perryville,which owns transmission interconnection facilities that allow Entergy Louisianato deliver the output of its Perryville Power Station to the transmission grid.   
-  Generation Services, which offers power station operationsand maintenance services.  Its sole customer is Evangeline.
-  CLE Intrastate, which owns a natural gasinterconnection that allows Evangeline to access the natural gas supply market. 
-  Attala,which owns transmission interconnection facilities that allow EntergyMississippi to deliver the output of its Attala Generating Station to thetransmission grid.  For additional information on the acquisition of the Attalaassets, see Part II, Item 8, "Financial Statements and Supplementary Data -Notes to the Financial Statements - Note 26 - Subsequent Event."

Thefollowing table sets forth certain information with respect to Midstream'soperating generating facilities.

  GENERATING STATION

  GENERATING UNIT #

COMMENCEMENT OF             COMMERCIAL                 OPERATION

              NET    CAPACITY           (MW)

   TYPE OF FUEL USED FOR        GENERATION

Evangeline

                6

                      2000

            264

                 gas

                7

                      2000

            511

                 gas

Acadia

                1

                      2002

            290(1)

                 gas

                2

                      2002

            290(1)

                 gas

     Total generating capability

        1,355

 (1)   Represents APH's 50% ownership  interest in the capacity of Acadia.

Midstreamcompetes against regional and national companies that own and operate merchant power stations.

Evangeline's capacity isdedicated to one customer, Williams, which is the counterparty to theEvangeline Tolling Agreement.  Acadia's capacity also is dedicated to one customer,CES, which is the counterparty to the Calpine Tolling Agreements.  Prior to arestructuring of the tolling agreements at Acadia in May 2003, Acadia'scapacity was dedicated to CES and Aquila Energy.  Each tolling agreement givesthe tolling counterparty the right to own, dispatch, and market all of theelectric generation capacity of the respective facility.  Under each tollingagreement, the tolling counterparty is responsible for providing its ownnatural gas to the facility and pays Evangeline and Acadia a fixed fee and avariable fee for operating and maintaining the facility.  On December 20, 2005,the Calpine Debtors filed for protection under Chapter 11 of the BankruptcyCode, and on December 21, 2005, the Calpine Debtors filed a motion with theCalpine Debtors Bankruptcy Court to reject the Calpine Tolling Agreements.  Foradditional information on the above tolling agreements and relatedtransactions, risks and uncertainties, see Item 1A, "Risk Factors - CalpineBankruptcy," "- Midstream Plant Performance," and "- Williams," and Part II,Item 7, "Management's Discussion and Analysis of Financial Condition andResults of Operations - Results of Operations - Midstream - Significant FactorsAffecting Midstream - Earnings are primarily affected by the following factors." For additional information on the Calpine bankruptcy and the potential rejectionof the Calpine Tolling Agreements, see Part II, Item 8, "Financial Statementsand Supplementary Data - Notes to the Financial Statements - Note 23 - CalpineBankruptcy."

On June 30, 2005, Perryville sold its 718-MWpower plant to Entergy Louisiana, while retaining ownership of the plant'stransmission assets.  Perryville began providing transmission services toEntergy Louisiana's Perryville Power Station under a FERC-approvedcost-of-service tariff on July 1, 2005.  For additional information on the saleof Perryville, see Part II, Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 21 - Perryville."

CLE Intrastate'srevenue is generated primarily from a monthly reservation fee paid byEvangeline for access to the Columbia Gulf interconnect and from a transportationfee that varies depending on the amount of gas transported through theinterconnect for use by Evangeline.

Attala provides transmission services under aFERC-approved cost-of-service tariff to Entergy Mississippi's Attala GeneratingStation.  Attala began providing transmission service on January 20, 2006.

At December31, 2005, Midstream and its subsidiaries employed 31 people: 29 withinGeneration Services and 2 at Midstream.

Foradditional information on Midstream's operations, see Part II, Item 7,"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Results of Operations - Midstream," and "- Financial Condition -Cash Generation and Cash Requirements - Midstream Construction."

11

**DiscontinuedOperations and Dispositions**

In June 2004,management decided to sell substantially all of Cleco Energy's assets and discontinue Cleco Energy'snatural gas marketing, pipeline, and production operations after the sale.  OnSeptember 15, 2004, Cleco Energy completed the sale of its oil and gas productionproperties and on November 16, 2004, completed the sale of its natural gas pipelineand marketing operations.  For additional information on the discontinuedoperations and sale of Cleco Energy's assets, see Part II, Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 16- Discontinued Operations and Dispositions."

**Customers**

No customer accounted for 10% or more of Cleco'sconsolidated revenue or Cleco Power's revenue in 2005, 2004, or 2003.  For additionalinformation regarding Cleco's sales and revenue, see Part II, Item 7,"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Results of Operations."

**Construction and Financing**

For information on Cleco's construction program,financing and related matters, see Part II, Item 7, "Management's Discussionand Analysis of Financial Condition and Results of Operations - FinancialCondition - Cash Generation and Cash Requirements."

**REGULATORYMATTERS, INDUSTRY DEVELOPMENTS, AND FRANCHISES**

**Rates**

Cleco Power'selectric operations are subject to the jurisdiction of the LPSC with respect toretail rates, standards of service, accounting and other matters.  Cleco Poweralso is subject to the jurisdiction of the FERC with respect to rates forwholesale service, interconnectionswith other utilities, and the transmission of power.  Periodically, Cleco Powerhas sought and received from both the LPSC and the FERC increases in base ratesto cover increases in operating costs and costs associated with additions togeneration, transmission, and distribution facilities.

ClecoPower's electric rates include a fuel and purchased power cost adjustmentclause that enables it to adjust rates for monthly fluctuations in the cost offuel and purchased power.  Revenuefrom certain off-system sales to other utilities and energy marketing companiesare passed on to customers through a reduction in fuel cost adjustment billingfactors.  Fuel costs and fuel adjustment billing factors are approved by theLPSC and the FERC.  In July 2004, Cleco Power reached a settlement with theLPSC on a periodic fuel audit covering 2001 and 2002.  For additionalinformation on this fuel audit and the related settlement, see Part II, Item8, "Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 19 - FERC and Fuel Audit Settlements."

ClecoPower's current RSP with the LPSC, which governs its regulatory return onequity, was extended until September 2006.  For additional information on Cleco Power's retail rates,including Cleco Power's RSP, see Item 1A, "Risk Factors - LPSC Regulation," - "FuelCosts," and - "FERC Regulation" and Part II, Item 7, "Management's Discussionand Analysis of Financial Condition and Results of Operations - FinancialCondition - Regulatory Matters - Retail Rates of Cleco Power."

**Franchises**

Cleco Power operates under nonexclusive franchiserights granted by governmental units, such as municipalities and parishes (counties),and enforced by state regulation.  These franchises are for fixed terms, whichmay vary from 10 years to 50 years or more.  In the past, Cleco Power has beensubstantially successful in the timely renewal of franchises as each reachedthe end of its term.

In August2005, a municipality's council published a RFP to provide electric service tothe city and its approximately 5,200 customers.  Cleco Power was the onlyutility company that met the proposal deadline.  Cleco Power began negotiationswith the municipality in November 2005, and a fully executed franchise agreementis expected in the first quarter of 2006.  This new agreement will replaceCleco Power's existing agreement which expires in 2008.  Cleco Power's next municipalfranchise expires in 2010.  

Also inAugust 2005, a competing electric utility entered into an agreement with amunicipality so that the utility could continue to serve its existing customersin the newly annexed area.  However, Cleco Power has the right to serve any newcustomers inside the city limits and newly annexed customers.

In 2003, thetown of Franklinton, which had approximately 1,850 customers, elected not torenew its franchise with Cleco Power.  In May 2005, pursuant to an LPSC order,Cleco Power completed the sale of the Franklinton distribution assets for $2.3million and transferred service to a competing cooperative selected byFranklinton.

Competingpower cooperatives actively are attempting to gain dual franchises in severalmunicipalities currently served by Cleco Power.  A dual franchise arrangementwould limit a new provider from providing service to Cleco Power's existingcustomers; however, the new power provider could compete with Cleco Power forcustomers in the city's newly annexed areas.  In March 2005, one such cooperativedid obtain a limited dual franchise.  In December 2005, a different municipality'scouncil passed an ordinance which allowed a cooperative to compete with ClecoPower in newly annexed areas.  The granting of a dual municipal franchise to acompeting power cooperative does not reduce current Cleco Power revenue, sinceexisting customers do not have an option to change electric service providersunder existing LPSC regulations.  However, it could reduce future customer andload growth.

The LPSC isevaluating how franchise fees are billed by utilities.  Cleco Powerhistorically has included franchise fees in its cost of service in establishingbase rates.  The LPSC has informally considered whether these franchise feesshould be billed as separate line items only to the municipal customers

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affected, rather than included in base rates.  Management does not believe thisbilling issue will adversely affect Cleco Power.

A number ofparishes have attempted in recent years to impose franchise fees on retailrevenue earned within the unincorporated areas Cleco Power serves.  If theparishes are ultimately successful, Cleco Power believes that the new franchisetax paid to the parishes will be passed on to the affected customers and willnot reduce Cleco Power's earnings.

**IndustryDevelopments**

For information on industry developments, see PartII, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition -Market Restructuring."

**Wholesale Electric Competition**

For a discussion of wholesale electriccompetition, see Part II, Item 7, "Management's Discussion and Analysis of FinancialCondition and Results of Operations - Financial Condition - MarketRestructuring - Wholesale Electric Markets."

**Retail Electric Competition**

For a discussion of retail electric competition,see Part II, Item 7, "Management's Discussion and Analysis of Financial Conditionand Results of Operations - Financial Condition - Market Restructuring - RetailElectric Markets."

**Legislative and Regulatory Changes and Matters**

Various federal and state legislative andregulatory bodies are considering a number of issues that could shape thefuture of the electric utility industry.  Such issues include, among others:
-  interpretationof the National Energy Policy Act of 2005;
-  deregulationof retail electricity sales;
-  theability of electric utilities to recover stranded costs;
-  theunbundling of vertically integrated electric utility companies into separatebusiness segments or companies (e.g., generation, transmission, distribution,and retail energy service);
-  therole of electric utilities, independent power producers and competitive biddingin the purchase, construction and operation of new generating capacity;
-  thepricing of transmission service on an electric utility's transmission system; 
-  FERC'sassessment of market power and utilities' ability to buy generation assets; 
-  mandatorytransmission reliability standards;
-  theauthority of the FERC to exercise power of eminent domain; 
-  increasingrequirements for renewable energy sources;
-  comprehensivemulti-emissions environmental legislation;
-  theorganization of and participation in RTOs and ICTs; and
-  FERC'sincreased ability to impose financial penalties.

The Registrants are unable, at this time,to predict the outcome of such issues or effects on their financial position,results of operations, or cash flows.

For information on certain regulatory matters andregulatory accounting affecting Cleco, see Part II, Item 7, "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Financial Condition - Regulatory Matters."

**ENVIRONMENTAL MATTERS**

***Environmental Quality***

Cleco is subject to federal, state, and local lawsand regulations governing the protection of the environment.  Violations ofthese laws and regulations may result in substantial fines and penalties.  Clecohas obtained all environmental permits necessary for its operations, andmanagement believes Cleco is in substantial compliance with these permits, aswell as all applicable environmental laws and regulations.  Environmentalrequirements continue to increase as a result of new legislation,administrative actions, and judicial interpretations.  Therefore, the futureeffects of existing and potential requirements are difficult to determine.  Cleco'scapital expenditures related to environmental compliance were $1.8 million during2005 and are estimated to total $4.5 million in 2006.  The following tablelists capital expenditures for environmental matters by subsidiary.

  SUBSIDIARY (THOUSANDS)

**       ENVIRONMENTAL                          CAPITAL       EXPENDITURES FOR                                2005**

                    PROJECTED          ENVIRONMENTAL                        CAPITAL        EXPENDITURES FOR                              2006

Cleco Power

**           $   1,334**

                  $     4,321

Evangeline 

**                   422**

                                  -

Acadia

**                     15**

                            136(1)

     Total

**           $   1,771**

                  $     4,457

(1)  Represents APH's 50% portion of Acadia

** **

The increase inprojected environmental capital expenditures at Cleco Power from 2005 to 2006 primarilyrelates to the planned installation of new low NOx burners at theDolet Hills Power Station.  The installation is expected to begin in 2006 and tobe completed in early 2007.

*Air Quality*

The state of Louisiana regulates air emissionsfrom each of Cleco's generating units through the Air Quality regulations ofthe LDEQ.  In addition, the LDEQ implements certain programs initiallyestablished by the EPA.  The LDEQ establishes standards of performance or requirespermits for certain generating units in Louisiana.  All of Cleco's generatingunits are subject to these requirements.

The Clean Air Act established a regulatoryprogram to address the effects of acid rain and imposed restrictions on SO2emissions from certain generating units.  The Clean Air Act requires thesegenerating stations to own a regulatory "allowance" for each ton of SO2 emittedbeginning in the year 2000.  The EPA allocates a set number of allowances toeach  

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affected unit based on its historic emissions.  As of December 31, 2005, ClecoPower and Midstream had sufficient allowances for 2005 operations and expect tohave sufficient allowances for 2006 operations.

The Clean Air Act required the EPA to revise NOxemission limits for existing coal-fired boilers.  In November 1996, the EPAfinalized rules lowering the NOx emission rate for certain boilers,including Rodemacher Unit 2 and Dolet Hills.  The rules also allowed an "earlyelect" option to achieve compliance with a less restrictive NOxlimit beginning no later than January 1, 1997.  Cleco Power exercised thisoption in December 1996.  Early election protects Cleco Power from any furtherreductions in the NOx permitted emission rate until 2008.  RodemacherUnit 2 and Dolet Hills have been in compliance with the NOx earlyelection limits since their inception and are expected to continue to be incompliance in 2006.  Cleco Power expects to install new low NOxburners at Dolet Hills by early 2007 at a projected cost of $5.9 million.  RodemacherUnit 2 is anticipated to remain in compliance with the reduced 2008 Acid Rain NOxlimits.  Significant future reductions in NOx emission limits mayrequire other capital improvements at one or both of the units.

NOx emissions from the Evangeline andAcadia generating units are within EPA limits, as these units use a modernturbine technology and selective catalytic reduction technology that reduces NOxemissions to minimal levels.

On March 10, 2005, the Clean Air Interstate Rule(CAIR) was signed.  CAIR covers 28 eastern states, including Louisiana, and providesa federal framework requiring states to reduce emissions of SO2 and NOx. The EPA anticipates that the states will achieve this primarily by reducingemissions from the power generation sector.  Louisiana must evaluate theprovisions of CAIR and make changes to the State Implementation Plan (SIP) toincorporate these requirements within 18 months.  Cleco is participating withother stakeholders on LDEQ's implementation of the federal requirements and is evaluatingpotential compliance strategies to meet the emission reductions contemplated bythese regulations.  The installation of new low NOx burners at DoletHills under the Clean Air Act Acid Rain provisions is expected to be an integralpart of meeting the CAIR NOx reduction provisions.  Likewise, theinstallation of new low NOx burners is being planned for RodemacherUnit 2 in early 2009 at a projected cost of $4.0 million.  These strategies mayinclude additional emission controls, purchase of allowances, or fuel changes.

On March 15, 2005, the EPA issued final rulesregarding mercury emissions from electric utility boilers.  The Clean AirMercury Rule (CAMR) established "standards of performance" limiting mercuryemissions from new and existing coal-fired power plants and created amarket-based cap-and-trade program.  Louisiana must evaluate the provisions ofCAMR and make changes to the SIP by September 2006 to incorporate theserequirements.  Cleco is participating with other stakeholders on LDEQ'simplementation of the federal requirements and is evaluating potentialcompliance strategies to meet the emission reductions contemplated by theseregulations.  These strategies may include additional emission controls,purchase of allowances, or fuel changes.

Multi-pollutant legislation currently is beingconsidered by Congress.  Cleco supports the concept of a comprehensive nationalstrategy to reduce emissions of multiple pollutants from electric utilities.  Clecowill continue to monitor the development of new legislative and regulatory requirementsand their potential impacts.  While it is unknown at this time what the finaloutcome of these regulations will be, any capital and operating costs ofadditional pollution control equipment that may be required could materiallyadversely affect future results of operations, cash flows, and possiblyfinancial condition, unless such costs could be recovered through regulatedrates and/or future market prices for energy. 

In February 2005, Cleco Power received notices fromthe EPA requesting information relating to the Rodemacher and Dolet Hills PowerStations.  The apparent purpose of the investigation is to determine whetherCleco Power has complied with New Source Review and New Source Performance Standardsrequirements under the Clean Air Act in connection with capital expenditures,modifications, or operational changes made at these facilities.  Cleco Powerhas completed its response to the initial data request.  It is unknown at thistime whether the EPA will take further action as a result of the informationprovided by Cleco Power and if any such action would have a material adverseimpact on the Registrants' financial condition, results of operations, or cashflows.

*Water Quality*

Cleco has received from the EPA and LDEQ permitsrequired under the Clean Water Act for water discharges from its five generatingstations.  Water discharge permits have fixed dates of expiration, and Clecoapplies for renewal of these permits within the applicable time periods.

The Clean Water Act contains provisionsrequiring the EPA to evaluate all bodies of water within its jurisdiction todetermine if they meet water quality standards and to bring non-compliantbodies of water into compliance.  In October 1999, the EPA received a federalcourt order to develop and implement Total Maximum Daily Loading (TMDL) ofcertain pollutants for all impacted streams in Louisiana.  Limits may beimposed in the future by the EPA through the permit renewal process that couldpotentially impact future discharges from Cleco's facilities.  In July 2005, theEPA issued the final mercury TMDL for Louisiana's coastal bays and gulf waters. Based upon discussions with the LDEQ, Cleco does not anticipate any material impactto its operations from the mercury TMDL.

Another new regulatory program, Section 316(b)of the Clean Water Act, intends to minimize adverse environmental impacts toall aquatic species due to water intake structures.  These regulationsestablish requirements applicable to the location, design, construction, andcapacity of cooling water intake structures and only apply to existingfacilities.  Cleco anticipates that any new requirements will be established asthe facilities go through the water discharge permit renewal process.  Theinitial studies required will be conducted in 

14

2006, and any required capitalimprovements will occur after those studies are completed.  Any capitalimprovement costs are anticipated to be between $3.0 million and $5.0 million.

*Solid Waste Disposal*

The Solid Waste Division of the LDEQ has adopted apermitting system for the management and disposal of solid waste generated bypower stations.  Cleco has received all required permits from the LDEQ for theon-site disposal of solid waste from its generating stations.  Cleco is in theprocess of renewing the solid waste permits for the Rodemacher and Dolet Hills solidwaste units and upgrading them according to the Solid Waste Regulations.  Theseupgrades are not expected to result in substantial costs.

*Hazardous WasteGeneration*

Cleco produces certain wastes that are classifiedas hazardous at its five generating stations and at other locations.  Clecodoes not treat, store long-term, or dispose of these wastes on-site; therefore,no permits are required.  All hazardous wastes produced by Cleco are disposedof at federally permitted hazardous waste disposal sites.

*Toxic SubstancesControl Act (TSCA)*

The TSCA directs the EPA to regulate the marketing,disposal, manufacturing, processing, distribution in commerce, and use of polychlorinatedbiphenyls (PCBs).  Cleco may continue to operate equipment containing PCBsunder the TSCA.  Once the equipment reaches the end of its usefulness, the EPA regulateshandling and disposal of the equipment and fluids containing PCBs.  Withinthese regulations, the handling and disposal is allowed only through EPAapproved and permitted facilities.

In October 2003, the Texas Commission onEnvironmental Quality (TCEQ) notified Cleco Power that it had been identifiedas a PRP for the SESCO facility in San Angelo, Texas.  The facility operated asa transformer repair and recycling facility from the 1930s until 2003, and bothsoil and groundwater contamination exist at the site and in surrounding areas.  Basedon initial available information, Cleco Power accrued a minimal amount for itspotential liability in November 2003.  The investigation of SESCO's historicalrecords was completed in 2005, and Cleco Power was determined to be a de minimisparty.  On February 15, 2006, Cleco Power executed a settlement agreement withthe SESCO site working group members which required the payment of cash inexchange for a release from responsibility for investigation and cleanup costsassociated with the SESCO facility and a covenant not to sue by each SESCO siteworking group member and the State of Texas.  The release and covenant not tosue can only be cancelled if Cleco Power is found to have contributed significantlymore transformers to the SESCO facility than current documentation indicates. However, both Cleco Power and the SESCO site working group have completedsubstantial due diligence and management believes it is unlikely that ClecoPower will be found to have contributed significantly more transformers.

*Toxics ReleaseInventory (TRI)*

The TRI requires an annual report from industrialfacilities on about 650 substances that they release into air, water, and land. The TRI ranks companies based on how much of a particular substance theyrelease on a state and parish (county) level.  Annual reports are due to theEPA on July 1 following the reporting year-end.  Cleco has submitted timely TRIreports on its activities, and the TRI rankings are available to the public.  Therankings do not result in any federal or state penalties.  Management is awareof the potential adverse public perceptions and monitors the TRI process.

*Electric and MagneticFields (EMFs)*

The possibility that exposure to EMFs emanatingfrom electric power lines, household appliances, and other electric devices mayresult in adverse health effects or damage to the environment has been asubject of some public attention.  Cleco Power funds scientific research onEMFs through various organizations.  To date, there are no definitive results,but research is continuing.  Lawsuits alleging that the presence of electricpower transmission and distribution lines has an adverse effect on healthand/or property values have arisen in several states.  Cleco Power is not aparty in any lawsuits related to EMFs.

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**ITEM 1A.    **RISK FACTORS

 

**Rodemacher Unit 3Construction**

***Cleco Power is exposed to certain risks related tothe design, construction and operation of Rodemacher Unit 3. This project has technologyrisk, fuel supply risk and general contractor and certain materialsubcontractor performance risk, each of which could have a material adverse impacton Cleco Power's financial condition, results of operations and cash flows.***

Rodemacher Unit 3 is designed to utilizecirculating fluidized-bed (CFB) generating technology and will be 10% largerthan any other CFB unit in operation today.  Cleco Power engaged ShawConstructors, Inc. (Shaw) under an engineering, procurement and construction(EPC) contract.  Shaw is liable for liquidated damages due to theirnon-performance in the EPC; however, Cleco Power's ability to collect thesedamages for breach is contingent on the demonstration of such damages and onShaw's financial abilities.  Failure by Shaw to perform its obligations underthe EPC contract could have a material adverse impact on the plant'sefficiency, in-service date, and final cost.  The EPC does not protect ClecoPower against potential force majeure events or design/specification oversightwhich may result in increased and potentially unrecoverable costs to ClecoPower.  Although Cleco Power currently delivers coal via rail to the Rodemacherfacility, plans are for Rodemacher Unit 3 to primarily use petroleum coke,which can be most economically delivered via barges on the Mississippi and RedRivers, requiring a conveyor system which has to cross a major interstate highway. Cleco Power does not have experience transporting fuel by barge.

**Calpine Bankruptcy**

***CES's bankruptcy and failure to perform itsobligations under the Calpine Tolling Agreements will likely have a materialadverse impact on Cleco's results of operations and cash flows.***

A substantial portion of Midstream's earnings andcash flow is derived from the Calpine Tolling Agreements with CES. On December20, 2005, the Calpine Debtors filed for protection under Chapter 11 of the U.S.Bankruptcy Code in the Calpine Debtors Bankruptcy Court, and on December 21,2005, the Calpine Debtors filed a motion with the court seeking to reject theCalpine Tolling Agreements.  The issue was referred to the U.S. District Courtfor the Southern District of New York where on January 27, 2006, a federaljudge dismissed the Calpine Debtors' motion to reject eight power supplycontracts, including the Calpine Tolling Agreements.  The federal judge ruledthat the FERC, not the bankruptcy court, has exclusive jurisdiction over thedisposition of the energy contracts.  Calpine has appealed this ruling to theU.S. Court of Appeals for the Second Circuit.  CES has failed to paypre-petition ($3.5 million) and post-petition ($2.0 million and $5.4 million asof December 31, 2005, and January 31, 2006, respectively) amounts under theCalpine Tolling Agreements. Payments by CES under the Calpine TollingAgreements are Acadia's sole source of revenue, and continued failure by CES topay the amounts due under the Calpine Tolling Agreements will result inoperating losses and reduced cash flow.  If the Calpine Tolling Agreements arerejected, Acadia would need to arrange for replacement customers for itscapacity in order to generate revenue, and there is no assurance that any suchcustomers could be obtained.  Moreover, since current market conditions are notas favorable as the terms of the Calpine Tolling Agreements, Acadia's resultsof operations and cash flows likely would be significantly reduced.  

A $14.0 million priority distribution to APH wasestablished when CES entered into the second Acadia tolling agreement in May2003.  As part of the August 2005 restructuring of the Calpine TollingAgreements, APH is entitled to receive guaranteed cash payments from CESthrough 2022.  In the event of a CES default, these payments are guaranteed byCalpine Acadia Holdings (CAH) and Acadia.  In the event CES defaults in makingsuch payments and CAH defaults under its guarantee, APH will receive guaranteedand priority annual cash payments from Acadia totaling $19.0 million through2011 and $21.0 million thereafter through 2022.  Acadia will make these annualcash payments to APH only when cash is available, and any unpaid amounts willaccumulate to APH.  Regardless of whether the payments are made to APH, Acadiamust continue to perform its operational obligations under the Calpine TollingAgreements until the bankruptcy or other litigation process allows CES toreject the Calpine Tolling Agreements.

Although Cleco has not been required to record an impairmentwith respect to Acadia as a result of the Calpine bankruptcy proceedings,future events such as a decline in the anticipated market value of energy inrelation to natural gas values could cause Acadia's carrying value to exceedits market value, requiring an impairment charge. Such a charge could adverselyaffect Cleco's financial condition by reducing consolidated commonshareholders' equity, could cause Cleco to incur increased interest cost onfuture debt issuances, and could cause an adverse change in Cleco's creditratings .

**Storm Damage Costs**

***The LPSC may reduce the amount recoverable by ClecoPower in respect of storm restoration costs. ***

The LPSC has approved interim revenue reliefassociated with the recovery of storm restoration costs from Hurricanes Katrinaand Rita.  The interim rate increase becomes effective upon the beginning ofphysical construction for Rodemacher Unit 3 (Phase I) and remains in effectuntil the LPSC completes a review to verify and approve the total amount of stormrestoration costs to be recovered (Phase II).  The LPSC's decision to grantrevenue relief to Cleco Power for storm restoration costs becomes final andnon-appealable 45 days after the issuance of the executed order from the LPSC.

Based upon the results of the Phase II review ofstorm restoration costs, expected to be completed in late 2006, the 

16

LPSC coulddecrease the amount Cleco Power could recover.  In addition, someone could requesta rehearing of or appeal the interim relief or the final relief approved by theLPSC.  A change made in Phase II by the LPSC resulting in a delay in receipt ofor timing of any revenue relief associated with the recovery of the stormrestoration costs from Hurricanes Katrina and Rita or any request for rehearingor appeal of any revenue relief could have a material adverse impact on Clecoand Cleco Power's results of operations, financial condition, and cash flowscompared to the recovery amounts authorized by the LPSC in Phase I. 

**LPSC Regulation**

***If Cleco Power is unable to extend the current RSP orif the LPSC makes modifications to Cleco Power's retail rates subsequent toSeptember 2006, the earnings of Cleco Power could be reduced. ***

Cleco Power's retail rates for residential,commercial, and industrial customers and other retail sales are regulated bythe LPSC.  On February 22, 2006, the LPSC required that effective immediately,any Cleco Power earnings above the current 12.25% allowed return on equity becredited against outstanding Hurricanes Katrina and Rita storm restorationcosts, rather than being shared 50/50 between shareholders and customers. Previously, Cleco Power was allowed to realize a regulatory return on equity ofup to 12.625% through September 30, 2006, with returns above that level being refundedto customers in the form of billing credits.  On December 19, 2005, Cleco Powerfiled an application with the LPSC to extend the current RSP through the expectedfourth quarter of 2009 in-service date of the proposed Rodemacher Unit 3power plant.  Preliminary testimony filed by the LPSC's independent consultantrecommended that the LPSC modify the current RSP beginning on October 1, 2006decreasing the allowed return on equity that can be realized by Cleco Power to11.65%.  This assumes a return on equity of 11.25%, with any earnings between11.25% and 12.25% shared between shareholders and customers in a 40/60 ratio,respectively, and all earnings over 12.25% returned to customers.  There is noassurance that the LPSC will approve this recommendation and grant Cleco Powerthis extension.  Upon expiration of the current RSP, the LPSC could choose to approvea lower rate of return for Cleco Power, which would reduce Cleco Power's baserevenue and profitability and could have a material adverse impact on ClecoPower's results of operations, financial condition, and cash flows.

**Fuel Costs**

***The LPSC conducts fuel audits that could result inCleco Power making substantial refunds of previously recorded revenue.***

Generally, fuel and purchased power expenses arerecovered through the LPSC-established fuel adjustment clause, which enablesCleco Power to pass on to its customers substantially all such charges. Recovery of fuel adjustment clause costs is subject to refund until monthlyapproval is received from the LPSC; however, all amounts are subject to aperiodic fuel audit by the LPSC.  The most recent audit by the LPSC covered 2001 and 2002 andresulted in a refund of $16.0 million to Cleco Power's retail customers.  Thisrefund was credited against customer bills in the first quarter of 2005. 

In November 2005, due to the increased price ofnatural gas and its effect on the cost of generating fuel and purchased power,the LPSC ordered a review of each investor-owned utility's fuel and purchasedpower costs incurred during the period January 1, 2005, through October 31,2005.  Cleco Power could be required to make a substantial refund of previouslyrecorded revenue as a result of this review or any future LPSC audits. Furthermore, Cleco's cash flows can be impacted by differences between the timeperiod when gas is purchased and the ultimate recovery from customers.

**Rodemacher Unit 3 CCN**

***A successful request for rehearing or appeal of ClecoPower's CCN could have a material adverse impact on Cleco Power's financial conditionand cash flows. ***

On February 22, 2006, the LPSC approved ClecoPower's CCN to construct, own, and operate Rodemacher Unit 3.  The LPSC'sdecision to grant Cleco's CCN request will become final and non-appealable 45days after the issuance of the executed order from the LPSC.  Without adequateratemaking treatment and assurances of recovery for Rodemacher Unit 3 from theLPSC, management believes it would be difficult for Cleco Power to constructthe plant while maintaining its credit rating.

**Purchased Power**

***Nonperformance of Cleco Power's power purchase agreementsand transmission constraints could have a material adverse impact on ClecoPower's results of operations, financial condition, and cash flows. ***

Cleco Power does not supply all of its customers'power requirements from the generation facilities it owns and must purchaseadditional energy and capacity from the wholesale power market.  During 2005,Cleco Power met approximately 49% of its energy needs with purchased power. Two power purchase agreements with Williams and CES provided approximately 29.6%of Cleco Power's capacity needs in 2005.  On January 1, 2006, Cleco Power beganits four-year, 500-MW contract with Williams and its one-year, 200-MW contractwith CES.  If Williams and CES do not perform under their respective contracts,Cleco Power would have to replace these supply sources with alternate marketoptions, which may not be on as favorable terms and conditions and couldincrease the ultimate cost of power to its customers.  

Because of Cleco Power's location on thetransmission grid, Cleco Power relies on two main suppliers of electrictransmission when accessing external power markets.  At times, constraintslimit the amount of purchased power these transmission providers can deliverinto Cleco Power's service territory.  The Williams and CES contracts, as wellas spot market power purchases, may be affected by these  

17

transmission constraints.  If the amount of purchased power actually deliveredinto Cleco were less than the amount of powercontracted for delivery, Cleco Power may rely on its own generation facilitiesto meet customer demand.  Cleco Power's incremental generation cost, at thattime, may be higher than the cost to purchase power from the wholesale power market,therefore increasing its customers' ultimate cost.  In addition, the LPSC maynot allow Cleco Power to recover its incremental generation cost.  Theseunrecovered costs could be substantial.

**Cleco Credit Rating**

***A downgrade in Cleco Corporation's or Cleco Power'scredit rating could result in an increase in their respective borrowing costsand a reduced pool of potential investors and funding sources.***

While the senior unsecured debt ratings of ClecoCorporation and Cleco Power are "investment grade," in recent years suchratings have been downgraded or put on negative watch by Standard & Poor'sand Moody's. Cleco Corporation or Cleco Power cannot assure that its debtratings will remain in effect for any given period of time or that one or moreof its debt ratings will not be lowered or withdrawn entirely by a ratingagency.  Credit ratings are not recommendations to buy, sell, or holdsecurities.  Each rating should be evaluated independently of any otherrating.  If Moody's or Standard & Poor's was to downgrade ClecoCorporation's long-term rating or Cleco Power's long-term rating, particularlybelow investment grade, the value of any of its debt securities would likely beadversely affected, and the borrowing cost of Cleco Corporation or Cleco Powerwould increase.  In addition, Cleco Corporation or Cleco Power would likely berequired to pay higher interest rates in future debt financings, and its poolof potential investors and funding sources could decrease.

**Regulatory Compliance**

***Cleco's costs of compliance with environmental laws,regulations and permits are significant, and the costs of compliance with newenvironmental laws, regulations and permits could be significant and reduceCleco's profitability.***

Cleco is subject to extensive environmentalregulation by federal, state and local authorities and is required to complywith numerous environmental laws and regulations.  Cleco is also required to obtainand to comply with numerous governmental permits in operating its facilities. Existing environmental laws, regulations and permits could be revised orreinterpreted, new laws and regulations could be adopted or become applicableto Cleco, and future changes in environmental laws and regulations couldoccur.  Cleco may incur significant additional costs to comply with theserevisions, reinterpretations and requirements.  If Cleco fails to comply withthese revisions, reinterpretations and requirements, it could be subject tocivil or criminal liabilities and fines.

**Midstream Plant Performance**

***Evangeline and Acadia have certain plant performanceobligations under their respective tolling agreements.  Failure to perform theseobligations could expose each entity to adverse financial penalties.***

Performance requirements include, but are notlimited to, maintaining plant performance characteristics such as heat rate anddemonstrated generation capacity and maintaining specified availability levelswith a combination of plant availability and replacement power.  Obligationsunder the respective tolling agreements include, but are not limited to,maintaining various types of insurance, maintaining power and natural gasmetering equipment, and paying scheduled interest and principal payments ondebt.  In addition to the performance obligations by Evangeline and Acadia, thereare various guarantees and commitments required by Cleco Corporation.  

If Evangeline or Acadia fails to operate withinspecified requirements, the respective facilities may purchase replacementpower on the open market and provide it to the tolling counterparties in orderto meet contractual performance specifications.  Providing replacement powermaintains availability levels, but exposes Evangeline or Acadia to powercommodity price volatility and transmission constraints.  If availabilitytargets under the tolling agreements are not met and economical purchased powerand transmission are not available, Evangeline and Acadia's financial conditionand results of operations could be materially adversely affected.

**Williams**

***Failure by Williams to perform its obligations underthe Evangeline Tolling Agreement would likely have a material adverse impact onCleco's results of operations, financial condition, and cash flows.***

The credit ratings of the senior unsecured debt ofThe Williams Companies, Inc. (Moody's - B1; Standard & Poor's - B+), theparent company of Williams under the Evangeline Tolling Agreement, remain below"investment grade."  If Williams were to fail to perform its obligations underthe Evangeline Tolling Agreement, such failure would have a material adverse impacton Cleco's results of operations, financial condition and cash flow for thefollowing reasons, among others:
-  IfWilliams' failure to perform constituted a default under the tolling agreement,the holders of the Evangeline bonds would have the right to declare the entireoutstanding principal amount ($191.8 million at December 31, 2005) and interestto be immediately due and payable, which could result in: 
-  Cleco seeking to refinance the bonds, the terms of which may beless favorable than existing terms; 
-  Cleco causing Evangeline to seek protection under federalbankruptcy laws; or
-  the trustee of the bonds foreclosing on the mortgage and assumingownership of the Evangeline plant; 

18
-  Clecomay not be able to enter into agreements in replacement of the EvangelineTolling Agreement on terms as favorable as that agreement or at all;
-  Cleco'sequity investment in Evangeline may be impaired, requiring a write-down to itsfair market value, which could be substantial; and
-  Cleco'scredit ratings could be downgraded, which would increase borrowing costs andlimit sources of financing.

**Energy Sales**

***Cleco Power's future electricity sales could beadversely impacted by high energy prices and other economic factors affectingits customers.***

Within the past several years, Cleco Power'scustomers have experienced a substantial increase in their utility bills,largely as a result of substantial increases in the cost of natural gas.  Theseincreases may also cause Cleco Power's customers to more aggressively pursueenergy conservation efforts or could result in increased bad debt expense dueto the non-payment of bills.  In addition, the high cost of energy, in general,has become problematic in many industries and has increased interest byindustrial customers in on-site generation of their own power. Recently, fourof Cleco Power's largest customers who manufacture paper products have experienceda downturn in their markets, and decreased crop yields from hurricane damage in2005 have resulted in economic difficulties for customers in the agriculturalindustry.  The four manufactures of paper products customers generated baserevenues of approximately $21.0 million for 2005.  Developments in conservationefforts or on-site generation could have a further negative impact on ClecoPower's long-term electricity sales and base revenue.

**Cleco Power GenerationFacilities**

***Cleco Power's generation facilities are subject tounplanned outages and significant maintenance requirements.***

The operation of power generation facilitiesinvolves many risks, including the risk of breakdown or failure of equipment,fuel interruption and performance below expected levels of output orefficiency.  Some of Cleco Power's facilities were originally constructed manyyears ago. Older equipment, even if maintained in accordance with goodengineering practices, may require significant expenditures to operate at peakefficiency or availability.  If Cleco Power fails to make adequate expendituresfor equipment maintenance, Cleco risks incurring more frequent unplannedoutages, higher than anticipated operating and maintenance expenditures,increased fuel or power purchase costs and potentially the loss of revenuesrelated to competitive opportunities. 

**Holding Company**

***Cleco Corporation is aholding company, and its ability to meet its debt obligations and pay dividendson its common stock is dependent on the cash generated by its subsidiaries.***

Cleco Corporation is a holding company andconducts its operations primarily through its subsidiaries.  Substantially allof Cleco's consolidated assets are held by its subsidiaries.  Accordingly,Cleco's ability to meet its debt obligations and pay dividends on its commonstock is largely dependent upon the cash generated by these subsidiaries. Cleco'ssubsidiaries are separate and distinct entities and have no obligation to payany amounts due on Cleco's debt or to make any funds available for suchpayment.  In addition, Cleco's subsidiaries' ability to make dividend paymentsor other distributions to Cleco may be restricted by their obligations toholders of their outstanding securities and to other general businesscreditors.  Moreover, Cleco Power, Cleco's principal subsidiary, is subject toregulation by the LPSC, which may impose limits on the amount of dividends thatCleco Power may pay Cleco. 

**FERC Regulation**

***The FERC regulates Cleco Power's transmission serviceand other wholesale rates.  If the FERC were to substantially change ClecoPower's rates for these services, the results of operations and cash flows ofCleco Power could be adversely affected.***

On September 16, 2005, the FERC issued a Notice ofInquiry inviting comments on reforming FERC's pro forma OATT to ensure the provisionof transmission service is reasonable and not unduly discriminatory orpreferential.  The FERC is seeking responses to a series of specificquestions which could be incorporated into the revised OATT.  The FERC'spotential changes to the OATT could have a material effect on the revenue andmethodology of implementing transmission service offered to Cleco's retail andwholesale transmission and energy customers.  The magnitude of the impacton revenue will not be known until the FERC issues a final order, which is expectedin 2006.

19

**ITEM 1B.**     UNRESOLVEDSTAFF COMMENTS

None.

**ITEM 2.**       PROPERTIES

**CLECO POWER**

All of Cleco Power's electric generating stationsand all other electric operating properties are located in the state of Louisiana. Cleco Power considers all of its properties to be well maintained, in goodoperating condition, and suitable for their intended purposes.  For informationon Cleco Power's generating facilities, see Item 1, "Business - Operations -Cleco Power - Power Generation."

**Electric Generating Stations**

As of December 31, 2005, Cleco Power either ownedor had an ownership interest in three steam electric generating stations andone gas turbine with a combined electric net generating capacity of 1,359 MW.  Foradditional information on Cleco Power's generating facilities, see Item 1, "Business- Operations - Cleco Power - Power Generation."

**ElectricSubstations**

As of December 31, 2005, Cleco Power owned 72 activetransmission substations and 222 active distribution substations.

**Electric Lines**

As of December 31, 2005, Cleco Power's transmissionsystem consisted of approximately 67 circuit miles of 500 kiloVolt (kV) lines; 461circuit miles of 230 kV lines; 661 circuit miles of 138 kV lines; and 21circuit miles of 69 kV lines.  Cleco Power's distribution system consisted ofapproximately 3,331 circuit miles of 34.5 kV lines and 7,800 circuit miles ofother lines.

**General Properties**

Cleco Power owns various properties throughoutLouisiana, which include a headquarters office building, regional offices,service centers, telecommunications equipment, and other general-purpose facilities.

**Title**

Cleco Power's electric generating plants andcertain other principal properties are owned in fee.  Electric transmission anddistribution lines are located either on private rights-of-way or along streetsor highways by public consent.

Substantially all of Cleco Power's property,plant and equipment is subject to a lien of Cleco Power's Indenture ofMortgage, which does not impair the use of such properties in the operation ofits business.  As of December 31, 2005, no obligations were outstanding underthe Indenture of Mortgage.

**MIDSTREAM**

Midstream considers all of its properties to bewell maintained, in good operating condition, and suitable for their intendedpurposes.  For information on Midstream's generating facilities, see Item 1, "Business- Operations - Midstream."

**Electric Generation**

As of December 31, 2005, Midstream owned one steamelectric generating station, Evangeline, and had a 50% ownership interest in anadditional station, Acadia, both located in Louisiana.  For additionalinformation on Midstream's generating facilities, see Item 1, "Business - Operations- Midstream."

**Electric Substations**

As of December 31, 2005, Midstream owned oneactive transmission substation in Louisiana.  On January 20, 2006, Midstreamacquired a transmission substation in Mississippi.

**Title**

Midstream's assets are owned in fee, includingMidstream's portion of Acadia.  Evangeline is subject to a lien securing obligationsunder an Indenture of Mortgage, which does not impair the use of suchproperties in the operation of its business.  

**ITEM 3. **      LEGAL PROCEEDINGS

**CLECO**

For information on legal proceedings affectingCleco, see Part II, Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements -Note 15 - Litigation and Other Commitments and Contingencies - SecuritiesLitigation," "- Other Litigation," "- SESCO," Note 21 - "Perryville - MirantBankruptcy and MAEM's Rejection of the Perryville Tolling Agreement," "-Perryville Tolling Agreement Administrative Expense and Damage Claims," "-Perryville Bankruptcy," and Note 23 - "Calpine Bankruptcy." 

**CLECO POWER**

For information on legal proceedings affectingCleco Power, see Part II, Item 8,"Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 15 - Litigation and Other Commitments and Contingencies - OtherLitigation" and "- SESCO."

20

**ITEM 4.**       SUBMISSION OF MATTERS TO AVOTE OF SECURITY HOLDERS

**CLECO**

There were no matters submitted to a vote ofsecurity holders of Cleco Corporation during the fourth quarter of 2005.

**CLECO POWER**

The information called for by Item 4 with respectto Cleco Power is omitted pursuant to General Instruction I(2)(c) to Form 10-K(Omission of Information by Certain Wholly Owned Subsidiaries).

***Board of Directors of Cleco***

The names of the members of the Board of Directorsof Cleco, their ages, dates of election, employment history and committee assignmentsas of December 31, 2005 are included below.  The term of each directorship isthree years, and directors are divided among three classes.  The terms of theseclasses are staggered in a manner so that only one class is elected by theshareholders annually.

NAME OF DIRECTOR

AGES AS OF DECEMBER 31, 2005

**Sherian G. Cadoria**

Age 65; Elected 1993

Brigadier General, U.S. Army (retired)

Retired President, Cadoria Speaker and  Consultancy Service, Mansura, LA

Member of the Audit, Nominating/Governance  and Qualified Legal Compliance committees 

**Richard B. Crowell**

Age 67; Elected 1997

Partner, law firm of Crowell & Owens,  Alexandria, LA

Member of the Audit, Nominating/Governance  and Qualified Legal Compliance committees  

**J. Patrick Garrett**

Age 62; Elected 1981

Retired President and Chief Executive  Officer, Windsor Food Company, Ltd., Houston, TX

Chairman of the Board and chairman of the  Executive, Nominating/Governance and Qualified Legal Compliance committees 

**F. Ben James Jr.**

Age 69; Elected 1986

President, James Investments, Inc. (real  estate development and international marketing), Ruston, LA

Member of the Audit and Compensation  committees 

 
**Elton R. King**

Age 59; Elected 1999

Retired President of network and carrier  services group, BellSouth Telecommunications, Inc.; Atlanta, GA.  Also  retired president and CEO of Visual Networks, Inc.

Member of the Compensation and Finance committees 

**Michael H. Madison**

Age 57; Elected 2005

President and Chief Executive Officer,  Cleco Corporation, Pineville, LA

Member of the Executive Committee 

**William L. Marks**

Age 62; Elected 2001

Chairman and Chief Executive Officer,  Whitney Holding Corporation and Whitney National Bank, New Orleans, LA

Chairman of the Finance Committee and member  of the Compensation and Executive committees 

**Ray B. Nesbitt**

Age 72; Elected 2001

Retired President of Exxon Chemical Co.,  Houston, TX

Member of the Compensation, Finance,  Nominating/Governance and Qualified Legal Compliance committees 

 
**Robert T. Ratcliff Sr.**

Age 63; Elected 1993

Chairman, President and Chief Executive  Officer, Ratcliff Construction Company, LLC, Alexandria, LA

Member of the Audit, Nominating/Governance  and Qualified Legal Compliance committees 

**William H. Walker Jr.**

Age 60; Elected 1996

Retired Chairman, Howard Weil, Inc., New  Orleans, LA

Chairman of the Compensation Committee and  member of the Executive and Finance committees 

**W. Larry Westbrook**

Age 66; Elected 2003

Retired Chief Financial Officer and Senior  Risk Officer of Southern Company, Atlanta, GA

Chairman of the Audit Committee and member  of the Executive and Finance committees 

21

***Executive Officers of Cleco***

The names of the executive officers of Cleco andcertain subsidiaries, their positions held, five-year employment history, ages,and years of service as of December 31, 2005, are presented below.  Executiveofficers are appointed annually to serve for the ensuing year or until theirsuccessors have been appointed. 

NAME OF EXECUTIVE

POSITION AND FIVE-YEAR EMPLOYMENT HISTORY

**Michael H. Madison**

     Cleco Corporation

      

Cleco Power  

  President and Chief Executive Officer since  May 2005.  

Chief Executive Officer since May 2005.  President  and Chief Operating Officer from October 2003 to May 2005; State President,  Louisiana-Arkansas with American Electric Power from June 2000 to September  2003.

(Age 57; 2 years of service)

 

**Dilek Samil**

     Cleco Corporation  

     

 

Cleco Power

  Executive Vice President and Chief  Financial Officer from April 2004 to May 2005; Senior Vice President Finance  and Chief Financial Officer from October 2001 to April 2004; Vice President  of Special Projects, FPL Group, Inc., from June 2000 to October 2001.

President and Chief Operating Officer since  May 2005.

(Age 50; 4 years of service)

 

**Kathleen F. Nolen**

     Cleco Corporation

     Cleco Power  

 

Senior Vice President and Chief Financial  Officer since May 2005; Treasurer from December 2000 to May 2005; Assistant  Corporate Secretary from July 2003 to May 2005.

(Age 45; 22 years of service)

 

**George W. Bausewine**

     Cleco Corporation  

     Cleco Power 

Senior Vice President Corporate Services  since May 2005; Vice President Regulatory and Rates from October 2002 to May  2005; Vice President Strategic and Regulatory Affairs from August 2000 to  October 2002.

(Age 50; 20 years of service)

 

**R. O'Neal Chadwick Jr.**

     Cleco Corporation

     Cleco Power  

Senior Vice President and General Counsel  since January 2004; Senior Vice President, General Counsel, and Corporate  Secretary from April 2003 to January 2004; Senior Vice President and General  Counsel from October 2002 to April 2003; Vice President Legal Affairs from  April 2002 to October 2002; Manager Legal Services from September 2000 to  April 2002.

(Age 45;  6 years of service)

 

**Samuel H. Charlton III**

     Midstream

Senior Vice President and Chief Operating  Officer since March 2003; Vice President from October 2002 to March 2003;  Senior Vice President Asset Management from December 2000 to October 2002.

(Age 60; 8  years of service)

 

 
**Anthony L. Bunting**

     Cleco Power

Vice President Customer Services and Energy  Delivery since October 2004; acting General Manager Human Resources from  August 2003 to October 2004; General Manager Customer Care from December 2001  to August 2003; General Manager Distribution Operations from July 2001 to  December 2001; General Manager Customer Care from April 1999 to July 2001.

(Age 46;  14 years of service)

 

 
**Stephen M. Carter**

     Cleco Power  

Vice President Regulated Generation since  April 2003; General Manager Regulated Generation from October 2002 to April  2003; Plant Superintendent - Dolet Hills Power Station from September 2000 to  October 2002.  

  (Age 46; 17 years of service)

 

**R. Russell Davis**

     Cleco Corporation

     Cleco  Power

 

Vice President and Chief Accounting Officer  since May 2005; Vice President and Controller from July 2000 to May 2005.

(Age 49; 6years of service)

**Jeffrey W. Hall**

     Cleco Corporation

     Cleco Power

     

Cleco Power

  Vice President Governmental and Community  Affairs since July 2005.

  Vice President Governmental and Community  Affairs from October 2004 to July 2005; Vice President Customer Services from  August 2000 to October 2004.  (Age 54; 25 years of service)

 

**Mark H. Segura**

     Cleco Power  

Vice President Transmission and  Distribution Services since October 2004; Vice President Energy Transmission  and Distribution from December 2002 to October 2004; Vice President  Distribution Services from October 2002 to December 2002; Senior Vice  President Utility Operations from May 1999 to October 2002.

(Age  47; 21 years of service)

 

22

NAME OF EXECUTIVE

POSITION AND FIVE-YEAR EMPLOYMENT HISTORY

**William****G. Fontenot**

     Cleco Power

 

     Midstream

 

     Cleco Corporation

  Vice President Regulated Generation  Development since July 2005.

  Chief Restructuring Officer of Perryville  from April 2004 to July 2005; Senior Vice President Commercial Operations  from March 2002 to October 2002; Vice President Marketing & Trading and  Chief Operating Officer from December 1999 to March 2002.

  General Manager Contracts and Analysis from  December 2002 to April 2004.

Vice President Strategy and Corporate  Development from October 2002 to December 2002.(Age 42; 20 years of service) 

**Judy P. Miller**

     Cleco Corporation

     Cleco Power  
Corporate Secretary since January 2004;  Assistant Controller from June 2000 to January 2004.(Age 48; 21 years of service)
**Keith D. Crump**

     Cleco Corporation

     Cleco Power

 

     Midstream

  Treasurer since May 2005; Manager  Forecasting and Analytics, Budgeting from December 2004 to May 2005; Manager  Forecasting and Analytics from October 2002 to December 2004.

  Manager Technical Support from July 1998 to  October 2002.(Age 44; 16 years of service)

   

**Charles M. Murray**

     Cleco Corporation

     Cleco Power

 

     Midstream

  Assistant Controller since January 2004; Manager  Financial Reporting/SEC Compliance and Non-regulated Accounting from January  2003 to January 2004; Business Manager/Director Non-regulated Accounting from  October 2002 to January 2003.

  General Manager Finance &  Administration from August 2000 to October 2002.(Age 45; 20 years of service)

   

**Janice M. Mount**

     Cleco Corporation 

     Cleco Power 

   
Assistant Corporate Secretary since July  2003; Director of Board Services from March 2003 to July 2003; Team Leader  Executive Support Services from August 2000 to March 2003.
(Age 62; 21 years of service) 
On January 28, 2004, Perryville entered into anagreement to sell its 718-MW power plant to Entergy Louisiana.  As part of thesales process, Perryville and PEH filed voluntary petitions in the Perryvilleand PEH Bankruptcy Court for protection under Chapter 11 of the U.S. BankruptcyCode.  Ms. Samil, Mr. Charlton, Mr. Murray and Mr. Fontenot are or have beenmanagers of Perryville and/or PEH within the two years preceding the voluntarybankruptcy filing.  For more information regarding the sale of the Perryvillefacility and the related bankruptcy filing, see Part II, Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 21- Perryville."

23

PART II

**ITEM 5. **      MARKET FOR REGISTRANTS' COMMONEQUITY, RELATED STOCKHOLDER MATTERS AND CLECO CORPORATION'S PURCHASES OF EQUITY SECURITIES

**CLECO CORPORATION**

Cleco Corporation's common stock is listed fortrading on the New York Stock Exchange (NYSE).  For information on the high andlow sales prices for Cleco Corporation's common stock as reported on the NYSEComposite Tape and dividends paid per share during each calendar quarter of 2005and 2004, see Item 8, "Financial Statements and Supplementary Data - Notes tothe Financial Statements - Note 25 - Miscellaneous Financial Information(Unaudited)."  During the quarter ended December 31, 2005, none of Cleco Corporation'sequity securities registered pursuant to Section 12 of the Securities ExchangeAct of 1934 was purchased by or on behalf of Cleco Corporation or any of its"affiliated purchasers," as defined in Rule 10b-18(a)(3) under the SecuritiesExchange Act of 1934.  For information on Cleco Corporation's common stockrepurchase program, see Item 8, "Financial Statements and Supplementary Data -Notes to the Financial Statements - Note 7 - Common Stock - Common StockRepurchase Program."

Subject to the prior rights of the holders ofthe respective series of Cleco Corporation's preferred stock, such dividends asdetermined by the Board of Directors of Cleco Corporation may be declared andpaid on the common stock from time to time out of funds legally available.  Theprovisions of Cleco Corporation's charter applicable to preferred stock and certainprovisions contained in the debt instruments of Cleco under certaincircumstances restrict the amount of retained earnings available for thepayment of dividends by Cleco Corporation.  The most restrictive covenant requiresCleco Corporation's total indebtedness to be less than or equal to 70% of totalcapitalization.  At December 31, 2005, approximately $334.7 million of retainedearnings were unrestricted.  In the fourth quarter of 2005, Cleco Corporationmade an equity contribution to Cleco Power of $75.0 million.  On January 27,2006, Cleco Corporation's Board of Directors declared a quarterly dividend of $0.225per share payable on February 15, 2006, to common shareholders of record onFebruary 6, 2006.

As of January 31, 2006, there were 7,835 holdersof record of Cleco Corporation's common stock, and the closing price of ClecoCorporation's common stock as reported on the NYSE Composite Tape was $21.93per share.

**CLECO POWER**

There is no market for Cleco Power's membershipinterests.  All of Cleco Power's outstanding membership interests are owned byCleco Corporation.  Distributions on Cleco Power's membership interests arepaid when and if declared by Cleco Power's Board of Managers.  Any futuredistributions also may be restricted by any credit or loan agreements thatCleco Power may enter into from time to time.

Some provisions in Cleco Power's debtinstruments restrict the amount of equity available for distribution to ClecoCorporation by Cleco Power under specified circumstances.  The most restrictivecovenant requires Cleco Power's total indebtedness to be less than or equal to 65%of total capitalization.  At December 31, 2005, approximately $237.2 million ofmember's equity were unrestricted.

The following table shows the distributions paidby Cleco Power to Cleco Corporation during 2005, 2004, and 2003:

DISTRIBUTION/DIVIDEND AMOUNT

DATE PAID

$14.6 million

February 15, 2003

$15.9 million

May 15, 2003

$13.9 million

November 15, 2003

$11.1 million

February 15, 2004

$11.8 million

May 15, 2004

$  5.0 million

August 15, 2004

$16.8 million

November 15, 2004

$12.3 million

February 15, 2005

$  7.6 million

May 15, 2005

$33.0 million

August 15, 2005

24

**ITEM 6.**       SELECTEDFINANCIAL DATA

**CLECO**

The information set forth below should be read inconjunction with the Consolidated Financial Statements and the related Notes inItem 8, "Financial Statements and Supplementary Data."

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements and began reporting its investmentin Evangeline on the equity method of accounting.  As a result, effective March31, 2004, the assets and liabilities of Evangeline no longer are reported onCleco Corporation's Consolidated Balance Sheets but instead are represented byone line item corresponding to Cleco's equity investment in Evangeline.  EffectiveApril 1, 2004, Evangeline's revenue and expenses are netted and reported asequity income from investees on Cleco Corporation's Consolidated Statements ofOperations.  For additional information on FIN 46R and the deconsolidation ofEvangeline, see Item 8, "Financial Statements and Supplementary Data - Notes tothe Financial Statements - Note 13 - Equity Investment in Investees."

The deconsolidation of Perryville and PEH fromCleco in connection with their bankruptcy filings affected Midstream's earningsfor 2004 compared to 2003, since no income or loss associated with thosesubsidiaries was recognized in Midstream's consolidated financial statementssubsequent to the bankruptcy filing on January 28, 2004.  On October 11, 2005,an order confirming PEH and Perryville's plan of reorganization became final. In accordance with FIN 46R, Cleco recorded its investment in Perryville on theequity method of accounting.  Effective October 11, 2005, Perryville's revenueand expenses during the reorganization period were netted and reported asequity income from investees on Cleco Corporation's Consolidated Statements ofOperations.  Perryville's assets and liabilities are represented by one lineitem corresponding to Cleco's equity investment in Perryville on ClecoCorporation's Consolidated Balance Sheets.  PEH was reconsolidated with Clecoeffective October 11, 2005.  For additional information on PEH's andPerryville's reintegration, see Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 21 - Perryville."

***Five-Year Selected Financial Data (Unaudited)***

(THOUSANDS, EXCEPT PER SHARE and PERCENTAGES)

**                    2005**

                    2004

                   2003

                   2002

                   2001

Operating revenue (excluding intercompany  revenue)

     Cleco Power

**$    911,971**

   $      727,449

   $      705,079

   $      593,781

   $      622,722

     Midstream

**         4,984**

              14,844

              97,129

              98,693

              64,791

     Other

**         3,199**

                3,524

                1,244

                      57

                    113

          Total

**$    920,154**

   $      745,817

   $      803,452

   $      692,531

   $      687,626

Income (loss) from continuing operations before  income taxes

**$    298,929**

   $      101,983

   $     (51,185)

   $      120,038

   $      113,657

Net income (loss) applicable to common stock

**$    180,779**

   $        63,973

   $     (36,790)

   $        70,003

   $        68,362

Basic earnings (loss) per share from continuing  operations

**$          3.54**

   $            1.33

   $         (0.68)

   $            1.65

   $            1.57

Basic earnings (loss) per share applicable to  common stock

**$          3.54**

   $            1.33

   $         (0.79)

   $            1.47

   $            1.47

Diluted earnings (loss) per share from continuing  operations

**$          3.53**

   $            1.32

   $         (0.68)

   $            1.65

   $            1.56

Diluted earnings (loss) per share applicable to  common stock

**$          3.53**

   $            1.32

   $         (0.79)

   $            1.47

   $            1.47

Capitalization

     Common shareholders' equity

**       52.15%**

           53.56 %

           34.27 %

           38.83 %

           43.36 %

     Preferred stock

**         1.52%**

              1.90 %

              1.33 %

              1.21 %

              1.41 %

     Long-term debt

**       46.33%**

           44.54 %

           64.40 %

           59.96 %

           55.23 %

     Common shareholders' equity

**$    686,229**

   $      541,838

   $      482,750

   $      562,470

   $      491,966

     Preferred stock

**$      20,034**

   $        19,226

   $        18,717

   $        17,508

   $        15,988

     Long-term debt

**$    609,643**

   $      450,552

   $      907,058

   $      868,684

   $      626,778

Total assets

**$ 2,149,488**

   $   1,837,063

   $   2,159,426

   $   2,344,556

   $   1,767,890

Cash dividends paid per common share

**$        0.900**

   $          0.900

   $          0.900

   $          0.895

   $          0.870

**CLECO POWER**

The information called for by Item 6 with respectto Cleco Power is omitted pursuant to General Instruction I(2)(a) to Form 10-K(Omission of Information by Certain Wholly Owned Subsidiaries).

25

**ITEM 7.  **     MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

**OVERVIEW**

Cleco is a regional energy services holdingcompany that conducts substantially all of its business operations through itstwo principal operating business segments:
-  ClecoPower, an integrated electric utility services subsidiary regulated by the LPSCand the FERC, among other regulators, which also engages in energy managementactivities, and
-  Midstream,a merchant energy subsidiary that owns and operates a merchant generationstation, invests in a joint venture that owns and operates a merchantgeneration station, and owns and operates transmission interconnectionfacilities.

Forinformation on Cleco's affiliated companies and the services each companyprovides to other affiliates, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 20 - AffiliateTransactions."

While management believes that Cleco remains a strongcompany, Cleco continues to focus on several near-term challenges.  An overviewof factors affecting Cleco Power and Midstream are more fully described below.

***Cleco Power***

Many factors affect the opportunities, challenges,and risks of Cleco Power's primary business of selling electricity.  Thesefactors include the ability to maintain a stable regulatory environment, whichincludes maintaining a favorable return on equity, to achieve energy salesgrowth while containing costs, and to recover costs related to growing demandand increasingly stringent environmental standards.  In addition, Cleco Powercontinues to focus on resolving its long-term capacity needs and obtaining LPSCapproval of the construction of a new solid-fuel generating unit which should helpstabilize customer costs.

In June 2005, Cleco Power made selections from itsRFPs.  Cleco Power's selections included plans to construct a solid-fuelpower plant at its Rodemacher facility (Rodemacher Unit 3) and two powerpurchase agreements with third party suppliers.  The two power purchaseagreements were executed in August 2005 and certified by the LPSC in November2005.  One of these contracts is with CES and provides 200 MW of capacity in2006; the other is with Williams and provides 500 MW of capacity annually from2006 through 2009.  In September 2005, after completion of the evaluation ofpotential construction contractors, Cleco Power entered into an engineering, procurementand construction (EPC) contract with Shaw Constructors, Inc. (Shaw) toconstruct Rodemacher Unit 3.  The total project cost, including carrying costsduring construction is estimated at $1.0 billion.  The tentative schedule callsfor construction to begin in the second quarter of 2006. On February 23, 2006,the final air permit was issued by LDEQ.  Approval of other environmentalpermit applications is pending.  Cleco Power anticipates the plantto be on-line in the fourth quarter of 2009.

Cleco Powercontinues to evaluate a range of power supply options for 2007 and beyond.  Assuch, Cleco Power has begun to update its IRP to look at future sources ofsupply and transmission needs.  Cleco Power has issued an RFP for up to 450 MW tomeet its 2007 capacity and energy requirements.  The options selected in thisRFP will commence January 1, 2007.  Foradditional information on Cleco Power's IRP process and its preliminaryselections from its RFPs, see Part I, Item 1A, "Risk Factors - Rodemacher Unit3 CCN," - "Rodemacher Unit 3 Construction," and - "Purchased Power" and "-Financial Condition - Regulatory Matters - Generation RFP."

On August 29,2005, Hurricane Katrina hit the coast of Louisiana and Mississippi, causingcatastrophic damage to the Gulf Coast region, including portions of ClecoPower's service territory.  On September 24, 2005, Hurricane Rita made landfalland hit all of Cleco Power's service territory, including the area north ofLake Pontchartrain, which was devastated by Hurricane Katrina 27 days earlier. Storm restoration costs from Hurricanes Katrina and Rita are currently estimatedto total $158.0 million, a decrease from the original estimate of $161.8million filed with the LPSC.  Cleco Power requested and has received regulatoryapproval from the LPSC to create a regulatory asset that represents incremental,non-capitalized restoration costs incurred as a result of Hurricanes Katrinaand Rita.  The amortization of this regulatory asset over a ten-year period beganin October 2005.  Cleco Power is exploring the reimbursement of storm restorationcosts from the U.S. Government, although it has received permission from theLPSC to begin to recover such costs from customers.  The LPSC has agreed to aninterim increase in rates of $23.4 million annually over a ten-year period to recoverthe storm restoration costs.  Any such reimbursement received from the U.S.government will reduce the amount to be recovered from customers.

Cleco Powerbelieves it has sufficient liquidity to meet its current obligations and tofund restoration efforts from a combination of cash on hand, available fundsfrom its credit facility, the issuance of long-term debt, and equitycontributions from Cleco Corporation.  For additional information on the financialimpact of Hurricanes Katrina and Rita, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 3 - RegulatoryAssets and Liabilities" and Note 24 - "Storm Restoration."

Cleco Power's 1996earnings review settlement with the LPSC, subsequent amendments, and anapproved one-year extension, set Cleco Power's rates until September 30, 2005. On September 14, 2005, the LPSC approved an additional one-year extension ofCleco Power's RSP to September 30, 2006.  On December 19, 2005, Cleco Powerfiled an application with the LPSC to extend the current RSP through thein-service date of the proposed Rodemacher Unit 3 power plant, which currentlyis targeted for the fourth quarter of 2009.  The 

26

application isstill being considered by the LPSC.  Preliminary testimony of the LPSC Staff consultantssupport the extension, with several modifications, through the Rodemacher Unit3 in-service date.  For additional information on the proposed RSP, see Part I,Item 1A, "Risk Factors - LPSC Regulation" and Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 12 - Accrual ofElectric Customer Credits."

Cleco Power'scustomers' costs are expected to remain elevated for the foreseeable future, inrelation to the past, due to the increased cost of natural gas used as fuel forgeneration and the increased cost of purchased power, also driven by naturalgas prices, both recovered through a fuel cost adjustment on customer bills. Although the cost of fuel and purchased power is recovered from customersthrough the fuel adjustment billing mechanism, Cleco Power expects to incurhigher charge-off of uncollectible customer utility bills and higher franchisetaxes, as long as higher natural gas prices persist.

***Midstream***

While Cleco Power has always been Cleco's corebusiness and primary source of revenue, Cleco began to expand its merchantenergy business in the late 1990s.  In late 2001, Cleco re-evaluated its merchantenergy business strategy, scaled back the expansion of this business andfocused on maximizing the value of its existing merchant energy assets.  Clecohas made substantial progress on these efforts.  

In June 2005, Cleco completed the sale of thePerryville 718-MW power plant to Entergy Louisiana for $162.0 million, whileretaining ownership of the plant's transmission assets.  In August 2005, Clecocompleted the sale of the related Mirant bankruptcy claims.  On October 11,2005, Perryville and PEH received approval to emerge from bankruptcy.  Thefinancial results for Perryville and PEH were reintegrated with Cleco'sconsolidated financial results as of that date.  For additional information onPerryville, see Item 8, "Financial Statements and Supplementary Data - Notes tothe Financial Statements - Note 21 - Perryville."  

On December 20, 2005, the Calpine Debtors filed forprotection under Chapter 11 of the U.S. Bankruptcy Code in the Calpine DebtorsBankruptcy Court.  The Calpine Debtors are seeking to reject the CalpineTolling Agreements, which Acadia entered into in 2001 and 2003 and which wererestructured in May 2003 and August 2005.  For additional information on Acadia,the Calpine bankruptcy, and the potential rejection of the Calpine TollingAgreements, see Part I, Item 1A, "Risk Factors - Calpine Bankruptcy" and "- MidstreamPlant Performance," Part II, Item 7, "Management's Discussion and Analysis ofFinancial Condition and Results of Operations - Midstream - Midstream's Resultsof Operations," and Item 8, "Financial Statements and Supplementary Data -Notes to the Financial Statements - Note 23 - Calpine Bankruptcy."

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements and began reporting its investmentin Evangeline on the equity method of accounting, effective March 31, 2004.  Foradditional information on FIN 46R and the deconsolidation of Evangeline, seeItem 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 13 - Equity Investmentin Investees."

In addition to the opportunities and challengesmentioned above, Cleco continues to assess the ongoing credit condition of theEvangeline Tolling Agreement counterparty, as Midstream's merchant energybusiness is heavily dependent on the performance of this tolling agreement. For additional information on the risks associated with Cleco's tolling agreementcounterparties, see Part I, Item 1A, "Risk Factors - Calpine Bankruptcy" and - "Williams."

In June 2004, management decided to sell substantiallyall of Cleco Energy's assets and discontinue Cleco Energy's natural gas marketing,pipeline, and production operations after the sale.  In accordance with SFASNo. 144, the property, plant and equipment of Cleco Energy was classified asheld for sale on Cleco Corporation's Consolidated Balance Sheet, and therelated operations were classified as discontinued on Cleco Corporation'sConsolidated Statements of Income.  For additional information on SFAS No. 144and the discontinued operations and sale of Cleco Energy's assets, see Item 8,"Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 16 - Discontinued Operations and Dispositions."

**RESULTS OFOPERATIONS**

**Use of Estimates**

The preparation of financial statements inconformity with accounting principles generally accepted in the United Statesof America requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reportedamounts of revenue and expenses during the reporting period.  Actual resultscould differ materially from those estimates.

**Cleco Consolidated Results of Operations - Year ended December 31, 2005, Compared to Year ended December 31, 2004**

** **

                       FOR THE YEAR ENDED DECEMBER 31,

** **

         FAVORABLE/(UNFAVORABLE)

(THOUSANDS)

**              2005**

              2004

       VARIANCE

           CHANGE

Operating revenue, net

**$ 920,154**

   $ 745,817

   $ 174,337

      23.38 %

Operating expenses

**808,420**

      644,679

    (163,741)

    (25.40)%

Operating income 

**$ 111,734**

   $ 101,138

   $   10,596

      10.48 %

Equity income from investees

**$ 218,441**

   $   47,250

   $ 171,191

   362.31 %

Interest charges

**$   40,535**

   $   52,206

   $   11,671

      22.36 %

Income from continuing operations

**$ 182,978**

   $   66,119

   $ 116,859

   176.74 %

(Loss) income from discontinued operations, net

**$     (334)**

   $          70

   $     (404)

                    *

Net income applicable to common stock

**$ 180,779**

   $   63,973

   $ 116,806

   182.59 %

*    Not meaningful

27

Consolidated net income applicable tocommon stock increased $116.8 million, or 182.6%, in 2005 compared to 2004primarily due to the sale of Midstream's Perryville Power Station and the sale ofthe Mirant bankruptcy damage claims.  Also contributing to the increase were higherearnings at Cleco Power.

Operating revenue, net increased $174.3million, or 23.4%, in 2005 compared to 2004 largely as a result of higher fuelcost recovery revenue at Cleco Power and the absence in 2005 of the effects ofthe settlement of Cleco Power's 2001-2002 fuel audit.  Partially offsetting theseincreases was the change in the reporting of tolling operations revenue atEvangeline beginning in the second quarter of 2004 in accordance with FIN 46R.

Operating expenses increased $163.7million, or 25.4%, in 2005 compared to 2004 primarily due to increased costs offuel used for electric generation and power purchased for utility customers,increased volumes of fuel used for electric generation, and higher otheroperations and maintenance expenses at Cleco Power.  Partially offsetting theseincreases were the effects of the deconsolidation of Evangeline from Cleco andthe sale of certain distribution assets at Cleco Power.

Equity income from investeesincreased $171.2 million, or 362.3%, in 2005 compared to 2004 primarily due tothe sale of Midstream's Perryville Power Station and the sale of the Mirantbankruptcy damage claims, partially offset by a decrease in equity income atAPH.

Interest charges decreased $11.7million, or 22.4%, compared to 2004 primarily due to the effects of thedeconsolidation of Evangeline from Cleco's consolidated results effective April1, 2004, and the June 2005 repayment of $100.0 million of Cleco Corporation's seniornotes.  

Results of operations for ClecoPower and Midstream are more fully described below.

**CLECO POWER**

**Significant Factors Affecting Cleco Power**

***Revenue is primarily affected by the followingfactors:***

As an electric utility, Cleco Power is affected,to varying degrees, by a number of factors influencing the electric utilityindustry in general.  These factors include, among others, an increasinglycompetitive business environment, the cost of compliance with environmentalregulations, and changes in the federal and state regulation of generation,transmission, and the sale of electricity.  For a discussion of variousregulatory changes and competitive forces affecting Cleco Power and otherelectric utilities, see Part I, Item 1 "Business Regulatory Matters, IndustryDevelopments, and Franchises - Franchises" and "- Financial Condition - MarketRestructuring."  For a discussion of significant factors affecting ClecoPower's financial condition, see Part I, Item 1A, "Risk Factors - RodemacherUnit 3 CCN," "- Rodemacher Unit 3 Construction," "- Storm Damage Costs," "- LPSCRegulation," "- Fuel Costs," "- Purchased Power," "- Energy Sales," "- ClecoPower Generation Facilities," and "- FERC Regulation."

Cleco Power'sresidential customers' demand for electricity largely is affected by summer weather. Weather generally is measured in cooling degree-days and heating degree-days. A cooling degree-day is an indication of the likelihood that a consumer willuse air conditioning, while a heating degree-day is an indication of thelikelihood that a consumer will use heating.  An increase in heatingdegree-days does not produce the same increase in revenue as an increase in coolingdegree-days, because alternative heating sources are more available.  Normalheating degree-days and cooling degree-days are calculated for a month byseparately calculating the average actual heating and cooling degree-days forthat month over a period of 30 years.

Kilowatt-hour sales to retailelectric customers have grown an average of 2.0% annually over the last fiveyears and are expected to grow from 0.8% to 2.8% per year during the next fiveyears.  The growth of future sales will depend upon factors such as weatherconditions, natural gas prices, customer conservation efforts, retail marketingand business development programs, and the economy of Cleco Power's servicearea.  Some of the issues facing the electric utility industry that couldaffect sales include:  
-  provisionsof the National Energy Policy Act of 2005;
-  deregulation;
-  retailwheeling (the transmission of power directly to a retail customer, as opposedto transmission via the interconnected transmission facilities of one or more intermediatefacilities);
-  possiblemembership in an RTO or implementation of an ICT model;
-  otherlegislative and regulatory changes;
-  costof power impacted by the price of natural gas;
-  retentionof large industrial customers and municipal franchises;
-  awardingof dual franchises by municipalities; 
-  changesin electric rates compared to customers' ability to pay; and
-  accessto transmission systems.

For moreinformation on energy legislation in regulatory matters that could affectCleco, see "- Financial Condition - Market Restructuring - Wholesale ElectricMarkets," and "- National Energy Policy."

***Other expenses areprimarily affected by the following factors:***

The majority of other expenses include otheroperations, maintenance, depreciation, and taxes other than income taxes.  Otheroperations expenses are affected by, among other things, the cost of employeebenefits, insurance expenses, and the costs associated with energy delivery andcustomer service.  Maintenance expenses associated with Cleco Power's plantsgenerally depend upon their physical characteristics, as well as theeffectiveness of their preventive maintenance programs.  Depreciation expenseprimarily is affected by the cost of the facility in service, the time the

28

facility was placed in service, and the estimated useful life of the facility. Taxes other than income taxes generally include payroll taxes and ad valoremtaxes.

**Cleco Power's Results of Operations - Year ended December 31, 2005,Compared to Year ended December 31, 2004**

Cleco Power's net income applicable to member'sequity for 2005 increased $6.9 million, or 13.2%, compared to 2004.  Contributingfactors include:
-  lowercustomer refund credits,
-  higherother operations revenue,
-  lowercapacity payments,
-  higherrevenue from wholesale customers,
-  lowerother expense, and
-  gainon the sale of certain distribution assets.

These were partially offset by:
-  higherother operations and maintenance expenses, 
-  higherfederal and state income taxes,
-  adecrease in favorable fuel surcharge adjustments, and
-  higherdepreciation expense.

FOR THE YEAR ENDED DECEMBER 31,

        FAVORABLE/(UNFAVORABLE)

(THOUSANDS)

**              2005**

              2004

       VARIANCE

             CHANGE

Operating revenue

     Base

**$   322,423**

   $  318,033

   $       4,390

          1.38 %

     Fuel cost recovery

**               552,134**

      400,118

      152,016

        37.99 %

     Electric customer credits

**                     (992)**

       (20,889)

        19,897

        95.25 %

     Other operations

**                 38,357**

        30,165

           8,192

        27.16 %

     Affiliate revenue

**                        49**

                 22

                 27

     122.73 %

     Intercompany revenue

**                   2,002**

           1,860

              142

          7.63 %

          Operating revenue, net

**               913,973**

      729,309

      184,664

        25.32 %

Operating expenses

     Fuel used for electric generation -  recoverable

**               195,427**

      151,910

       (43,517)

      (28.65)%

     Power purchased for utility customers -  recoverable 

**               356,468**

      241,421

    (115,047)

      (47.65)%

     Non-recoverable fuel and power  purchased

**                 22,581**

        28,083

           5,502

        19.59 %

     Other operations

**                 83,209**

        73,969

         (9,240)

      (12.49)%

     Maintenance

**                 43,238**

        36,329

         (6,909)

      (19.02)%

     Depreciation

**                 58,696**

        56,731

         (1,965)

        (3.46)%

     Taxes other than income taxes

**                 38,508**

        36,735

         (1,773)

        (4.83)%

     Gain on sales of assets

**                  (2,206)**

                    -

           2,206

                      *

               Total operating expenses

**               795,921**

      625,178

    (170,743)

      (27.31)%

Operating income

**$  118,052**

   $  104,131

   $    13,921

        13.37 %

Interest income

**$      4,355**

   $      3,561

   $         794

        22.30 %

Other expense

**$      2,668**

   $      5,342

   $      2,674

        50.06 %

Federal and state income taxes

**$    37,495**

   $    27,691

   $   (9,804)

      (35.41)%

Net income 

**$    59,081**

   $    52,202

   $      6,879

        13.18 %

*    Not meaningful

 
    
                            FOR THE YEAR ENDED  DECEMBER 31,

         FAVORABLE/

(MILLION  kWh)

**              2005**

              2004

    (UNFAVORABLE)

Electric sales

     Residential

**     3,516**

           3,507

               0.26 %

     Commercial

**     1,838**

           1,854

             (0.86)%

     Industrial

**     2,861**

           2,902

             (1.41)%

     Other retail

**        610**

              597

               2.18 %

     Unbilled

**          18**

                  (3)

                           *

               Total retail

**     8,843**

           8,857

             (0.16)%

     Sales for resale

**        552**

           1,057

           (47.78)%

Total retail and wholesale customer sales

**     9,395**

           9,914

             (5.24)%

*    Not meaningful

 

                            FOR THE YEAR ENDED  DECEMBER 31,

       FAVORABLE/

(THOUSANDS)

**              2005**

              2004

   (UNFAVORABLE)

Electric sales

     Residential

**$ 154,928**

   $ 153,607

               0.86 %

     Commercial

**   70,547**

        70,116

               0.61 %

     Industrial

**   54,966**

        54,978

             (0.02)%

     Other retail

**   23,549**

        23,156

               1.70 %

     Unbilled

**        622**

                 48

                           *

               Total retail

**304,612**

      301,905

               0.90 %

     Sales for resale

**   17,811**

        16,128

             10.44 %

Total retail and wholesale customer sales

**$ 322,423**

   $ 318,033

               1.38 %

*    Not meaningful

The following chart shows how cooling andheating degree-days varied from normal conditions and from the prior period.  ClecoPower uses temperature data collected by the National Oceanic and AtmosphericAdministration to determine cooling and heating degree-days.

                    FOR THE YEAR ENDED DECEMBER 31,

**                2005**

               2004

**Cooling degree-days**

     Increase from normal

**    15.81 %**

          4.00 %

     Increase from prior year

**     4.68 %**

          6.45 %

**Heating degree-days**

     Decrease from normal

** (17.20)%**

        (9.91)%

     Decrease from prior year

**   (5.15)%**

     (15.95)%

***Base***

Base revenue during 2005 increased $4.4 million,or 1.4%, compared to 2004.  The increase was primarily due to higher sales totwo municipal customers, warmer summer weather, and a favorable fuel surchargeadjustment from rate orders received related to fuel transportation charges in2005.  Partially offsetting these increases were lost revenue from extendedhurricane-related outages, the absence in 2005 of a favorable fuel surchargeadjustment that was filed by Cleco Power in June 2004, and the expiration inMay 2004 of a wholesale contract with a municipal customer.  

Cleco Power currently is providing service orwill begin providing service to expansions of current customers' operations, aswell as services to new commercial and new industrial customers.  The newservices and expansions, totaling 22 MWs, increased base revenue in 2005, whilethe addition of another 33 MWs is expected to increase base revenue in 2006.

29

On January 1, 2006, Cleco Power began sellingfixed-priced power to a new 30-MW wholesale customer.  As a result of the fixed-price contract, the new customer is expected to increasebase revenue while potentially diluting earnings in years 2006, 2007, and2008.  In years 2009 through 2012, Cleco Power anticipates earnings accretion relatedto this contract.  For additional information on Cleco's energy commodityactivities, see Item 7A, "Quantitative and Qualitative Disclosures About MarketRisk - Risk Overview - Commodity Price Risks."

For information on the effects of future energysales on Cleco Power's financial condition, results of operations, and cashflows, see Part I, Item 1A, "Risk Factors - Energy Sales."

***Fuel Cost Recovery***

Fuel cost recovery revenue billed to customersduring 2005 compared to 2004 increased $152.0 million, or 38.0%, primarily dueto higher costs of power purchased and fuel used for electric generation.  Inaddition, higher volumes of fuel used for electric generation and the absencein 2005 of a 2004 reversal of estimates recorded in conjunction with ClecoPower's 2001-2002 fuel audit settlement contributed to the increase.  

***Electric CustomerCredits***

Electric customer credits during 2005 decreased $19.9million, or 95.3%, compared to 2004.  This decrease in electric customercredits is primarily due to a $16.0 million accrual made in June 2004 relatedto Cleco Power's 2001-2002 fuel audit, a $1.7 million accrual made in June 2004related to a surcharge adjustment that was included in the Fuel AdjustmentClause Report filed by Cleco Power in June 2004, and $2.2 million of loweraccruals for the current RSP filing period.  Lower accruals were primarily theresult of higher operating expenses and the absence of the fuel auditsettlement.  The potential refunds associated with the RSP are based on resultsfor each 12-month period ended September 30.  For additional information on theaccrual of electric customer credits, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 12 - Accrual ofElectric Customer Credits."

***Other Operations***

Other operations revenue increased $8.2 million,or 27.2%, in 2005 compared to 2004 primarily due to a $0.1 million realizedgain and $5.3 million net mark-to-market gain from economic hedge transactionsrelated to fixed-price power that is being provided to a new wholesale customerbeginning in January 2006.  Also contributing to this increase in otheroperations was a $2.1 million increase in transmission service revenue, and a $0.7million net increase from customer fees, timber sales, SO2 emissionallowance proceeds, and pole attachment revenue.  For information on Cleco'senergy commodity activities, see Item 7A, "Quantitative and QualitativeDisclosures About Market Risk - Risk Overview - Commodity Price Risks."

***Operating Expenses***

Operating expenses increased $170.7 million, or 27.3%,in 2005 compared to 2004.  Fuel used for electric generation increased $43.5million, or 28.7%, primarily as a result of higher cost and volumes of fuelused for electric generation.  Also contributing to this increase were theabsences in 2005 of a 2004 reversal of fuel expenses related to gastransportation charges recorded as a result of Cleco Power's 2001-2002 fuelaudit and higher favorable surcharge adjustments that were included in the 2004Fuel Adjustment Clause Report.  Power purchased for utility customers increased$115.0 million, or 47.7%, largely due to increased costs of purchased power. Fuel used for electric generation and power purchased for utility customersgenerally are influenced by natural gas prices.  However, other factors such asunscheduled outages, unusual maintenance or repairs, or other developments mayaffect fuel used for electric generation and power purchased for utilitycustomers.  Non-recoverable fuel and power purchased decreased $5.5 million, or19.6%, primarily due to lower capacity payments made during 2005 as a result ofthe expiration of certain power purchase agreements.  Other operations expenseincreased $9.2 million, or 12.5%, primarily due to higher incentivecompensation and payroll expense.  Maintenance expenses during 2005 increased $6.9million, or 19.0%, compared to 2004 primarily due to a scheduled major outageon one of Cleco Power's natural gas units during the spring of 2005 andadditional maintenance performed on transmission and distribution assets. Depreciation expense increased $2.0 million, or 3.5%, as a result of normalrecurring additions to fixed assets.  Taxes other than income taxes increased$1.8 million, or 4.8%, as a result of higher franchise taxes.  Gain on sales ofassets increased $2.2 million during 2005 largely as a result of the sale ofdistribution assets following the town of Franklinton's election not to renewits franchise agreement with Cleco Power.  For additional information, see "-Financial Condition - Regulatory Matters - Franchises."

***Interest Income***

Interest income increased $0.8 million, or 22.3%,during 2005 compared to 2004, primarily due to higher rates and a higheraverage investment balance.

***Other Expense***

Other expense decreased $2.7 million, or 50.1%,during 2005 compared to 2004 primarily due to the absence in 2005 of legal feesassociated with the settlement of Cleco Power's 2001-2002 fuel audit that wereincurred in 2004.

***Income Taxes***

Income tax expense increased $9.8 million, or 35.4%,during 2005 compared to 2004.  Cleco Power's effective income tax rateincreased from 34.7% to 38.8% during 2005 compared to 2004.  Federal taxexpense increased primarily due to a 2004 true-up of estimated taxes based onthe 2003 tax return.  The increase in state tax expense is largely due to theLPSC requirement to record deferred tax expense and normalize the state taxbenefit derived from the casualty losses related to 

30

Hurricanes Katrina andRita.  Generally, the LPSC requires that Cleco Power flow through impacts ofstate income taxes to current earnings; however, the LPSC found normalizationfor state taxes related to storm deductions to be more appropriate due to thesize of such deductions.  The new methodology for recognizing state income taxrelated to storms is expected to continue to impact Cleco Power's tax expensein future periods.  Also contributing to the increase in both federal and statetax expense was a 2005 increase in the accrual of tax contingency reserves. Tax rates also were affected by the relative size of pre-tax income related tothese items.  Pre-tax income during 2005 increased $16.7 million compared to2004. 

**MIDSTREAM**

**Significant Factors Affecting Midstream**

***Earnings are primarily affected by the followingfactors:***

Midstream's equity earnings from investees are derivedprimarily from a tolling agreement with Williams and from its 50% interest inAcadia, which currently derives its revenues from two tolling agreements withCES.  Revenue from tolling contracts generallyis affected by the availability and efficiency of the facility and the level atwhich it operates.  A facility's availability can be protected by providing replacementpower to the tolling counterparties.  Each tolling agreement gives a tollingcounterparty the right to own, dispatch, and market all of the electricgeneration capacity of the respective facility.  Each tolling counterparty isresponsible for providing its own natural gas to the respective facility.  

Under the Evangeline Tolling Agreement, Williamspays Evangeline a fixed fee and a variable fee for operating and maintainingthe facility.  The Evangeline Tolling Agreement is accounted for as anoperating lease.  For additional information on Cleco's operating leases, see "-Critical Accounting Policies - Midstream" and Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 14 - OperatingLeases."  Evangeline Tolling Agreement revenue correlates with the seasonalusage of the plant.  Evangeline's 2005 revenue was recognized in the followingmanner:
-  17%in the first quarter,
-  20%in the second quarter,
-  46%in the third quarter, and
-  17%in the fourth quarter.

Revenue under the Evangeline Tolling Agreement,which is reflected in equity income from investees, is anticipated to berecognized in a similar manner for 2006.  For additional information onrecognition of revenue from the Evangeline Tolling Agreement, see "- CriticalAccounting Policies - Midstream" and Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 2 - Summary of SignificantAccounting Policies - Revenue and Fuel Costs - Tolling Revenue."

Under theCalpine Tolling Agreements, CES pays Acadia a fixed fee and a variable fee foroperating and maintaining the facility.  For information on Cleco's investmentin Acadia and the Calpine bankruptcy, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 13 - EquityInvestment in Investees" and Note 23 - "Calpine Bankruptcy."  

For additional information on the factors affectingMidstream, see Part I, Item 1A, "Risk Factors - Calpine Bankruptcy," "- MidstreamPlant Performance," and "- Williams."

***Expenses are primarily affected by the followingfactors:***

Midstream's expenses include impairments oflong-lived assets, depreciation, maintenance, and other operations expenses.  Theimpairment charges relate to triggering events as defined by SFAS No. 144.  Depreciationexpense is affected by the cost of the facility in service, the time thefacility was placed in service, and the estimated useful life of the facility. Maintenance expenses generally depend on the physical characteristics of thefacility, the frequency and duration of the facility's operations, and theeffectiveness of preventive maintenance.  Other operating expenses mainlyrelate to administrative expenses and employee benefits.

**Midstream's Results of Operations - Year ended December 31, 2005,Compared to Year ended December 31, 2004**

Midstream's net income applicable to member'sequity for 2005 increased $104.1 million, or 581.7%, compared to 2004.  Factorsaffecting Midstream during 2005 are described below.

***Perryville***

The financial results of Perryville and PEH areincluded in Cleco Corporation's consolidated results through January 27, 2004. However, generally accepted accounting principles preclude consolidation ofmajority-owned subsidiaries where control does not rest with the majorityowners.  During the reorganization period (January 28, 2004, through October10, 2005), Cleco utilized the cost method to account for its investment inPerryville and PEH.  The cost method requires Cleco to present the net assetsof Perryville and PEH at January 27, 2004, as an investment and not recognizeany income or loss from Perryville or PEH in Cleco's results of operationsduring the reorganization period.  On October 11, 2005, an order confirming PEHand Perryville's plan of reorganization became final.  As of the effective dateof the order, the cost method was no longer the appropriate method to use to accountfor the investment in Perryville and PEH.  Through a review of equity interestsand other contractual relationships, as required by FIN 46R, Cleco wasdetermined to be the primary beneficiary of PEH.  Therefore, effective October11, 2005, PEH's results during the reorganization period are reflected inCleco's consolidated results.  In a similar review, Cleco has determined thatit is not the primary beneficiary of Perryville, which is considered a variableinterest entity.  Therefore, effective October 11, 2005, Perryville's revenueand expenses during the reorganization period are netted and reported as 

31

equityincome from investees on Cleco Corporation's Consolidated Statements ofOperations, and Perryville's assets and liabilities are represented by one lineitem corresponding to Cleco's equity investment in Perryville on ClecoCorporation's Consolidated Balance Sheets.  However, Cleco would reintegrate PEH retroactively to January 28, 2004, and inaccordance with FIN 46R, Cleco would report its investment in Perryville on theequity method of accounting retroactively to January 28, 2004.  However, inaccordance with APB Opinion No. 18, since PEH and Perryville had a negativecost basis and incurred losses for 2004 and the first and second quarters of2005, PEH and Perryville should not be reflected in Cleco Corporation'sConsolidated Statements of Operations until such time as PEH and Perryville havesufficient income to exceed their negative cost basis and cumulative losses. In the third quarter of 2005, Perryville recognized earnings from thesettlement of its claims against Mirant sufficient to exceed PEH's andPerryville's initial negative cost basis and cumulative losses incurred afterJanuary 28, 2004.  When Cleco files its Quarterly Report on Form 10-Q for theperiod ending September 30, 2006, the comparative periods for 2005 will berestated to reflect PEH's and Perryville's reintegration in the third quarterof 2005.  This restatement from the fourth quarter of 2005 to the third quarterof 2005 will not have an impact on Cleco's consolidated results for the yearended December 31, 2005.  For financial results and additional information onPerryville, see Item 8, "Financial Statements and Supplementary Data - Notes tothe Financial Statements - Note 21 - Perryville."

***Acadia***

Acadia's output currently is sold through the CalpineTolling Agreements.  Prior to May 2003, Acadia's output was sold throughtolling agreements with two separate counterparties:  one through the AquilaTolling Agreement and the other through one of the Calpine Tolling Agreements. In May 2003, Acadia terminated its 580-MW 20-year tolling agreement with AquilaEnergy and entered into a replacement contract with CES.  Subsequent to the restructuringof the Calpine Tolling Agreements in May 2003 and August 2005, APH is entitledto preferential cash distributions and earnings from Acadia.  APH has theability to draw against a $15.0 million letter of credit issued by Calpine,upon the occurrence of certain events of default.  Also, Calpine providesguarantees which support CES's obligations under the Calpine TollingAgreements.  On December 20, 2005, the Calpine Debtors filed for protectionunder Chapter 11 of the Bankruptcy Code.  On December 21, 2005, the CalpineDebtors filed a motion with the Calpine Debtors Bankruptcy Court pursuant toSection 365 of the Bankruptcy Code seeking authority to reject the Calpine TollingAgreements.  On February 13, 2006, APH drew $2.8 million against the $15.0million letter of credit issued by Calpine.  An event of default occurred whenCES failed to make the required December 2005 payment under the Calpine TollingAgreements.  For additional information on the bankruptcy filings and the potentialrejection of the Calpine Tolling Agreements, see Item 8, "Financial Statementsand Supplementary Data - Notes to the Financial Statements - Note 23 -Calpine Bankruptcy."

***Evangeline***

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements and began reporting itsinvestment in Evangeline on the equity method of accounting.  As a result,effective March 31, 2004, the assets and liabilities of Evangeline no longerare reported on Cleco Corporation's Consolidated Balance Sheet, but instead arerepresented by one line item corresponding to Cleco's equity investment inEvangeline.  Effective April 1, 2004, Evangeline revenue and expenses arenetted and reported as equity income from investees on Cleco Corporation'sConsolidated Statements of Operations.  Consequently, Evangeline's 2005 netoperating results are reflected in the equity income from investees' line ascompared to being reported on various line items for the first three months of 2004. For additional information on FIN 46R and the deconsolidation of Evangeline,see Item 8, "Financial Statements and Supplementary Data - Notes to theFinancial Statements - Note 2 - Summary of Significant Accounting Policies -Principles of Consolidation" and Note 13 - "Equity Investment in Investees."

***Cleco Energy***

In June 2004, management decided to sellsubstantially all of Cleco Energy's assets and discontinue Cleco Energy'snatural gas marketing, pipeline, and production operations after the sale.  OnSeptember 15, 2004, Cleco Energy completed the sale of its oil and gas productionproperties and on November 16, 2004, Cleco Energy completed the sale of itsnatural gas pipeline and marketing operations.  Prior to the sale of ClecoEnergy's assets and in accordance with SFAS No. 144, the property, plant andequipment of Cleco Energy were classified as held for sale on ClecoCorporation's Consolidated Balance Sheet, and the related operations wereclassified as (loss) income from discontinued operations, including loss ondisposal on Cleco Corporation's Consolidated Statements of Operations.  Consequently,the net operating results for Cleco Energy for 2005 and 2004 are reported asdiscontinued operations.  For additional information on the discontinued operationsand sale of Cleco Energy's assets and SFAS No. 144, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 16- Discontinued Operations and Dispositions" and Note 18 - "Impairments ofLong-Lived Assets."

32

                                                       FOR THE YEAR ENDED DECEMBER 31,

            FAVORABLE/(UNFAVORABLE)

(THOUSANDS)

**              2005**

              2004

         VARIANCE

               CHANGE

Operating revenue

     Tolling operations

**$             -**

   $    10,255

   $  (10,255)

                        *

     Other operations

**        113**

              115

                  (2)

           (1.74)%

     Affiliate revenue

**     4,871**

           4,474

              397

             8.87 %

     Intercompany revenue

**          42**

              285

             (243)

        (85.26)%

          Operating revenue, net

**     5,026**

         15,129

       (10,103)

        (66.78)%

Operating expenses

     Other operations

**     6,336**

    

           9,269

           2,933

          31.64 %

     Maintenance

**     2,132**

           3,314

           1,182

          35.67 %

     Depreciation

**        316**

           2,197

           1,881

          85.62 %

     Taxes other than income taxes

**        316**

               282

               (34)

        (12.06)%

               Total operating expenses

**     9,100**

         15,062

           5,962

          39.58 %

Operating (loss) income 

**$  (4,074)**

   $            67

   $    (4,141)

                        *

Equity income from investees

**$ 218,505**

   $     47,538

   $   170,967

        359.64 %

Other income

**$     1,250**

   $               -

   $       1,250

                        *

Interest charges

**$   15,302**

   $     17,764

   $       2,462

          13.86 %

Federal and state income tax expense  

**$   77,992**

   $     12,022

   $  (65,970)

      (548.74)%

(Loss) income from discontinued operations,  including loss on disposal 

**$     (334)**

   $            70

   $       (404)

                        *

Net income 

**$ 122,021**

   $     17,899

   $   104,122

        581.72 %

*    Not meaningful

***Tolling Operations***

Tolling operations revenue decreased $10.3 millionin 2005 compared to 2004.  The decrease was due to Cleco's accounting forEvangeline on the equity method in accordance with FIN 46R beginning on April1, 2004.

***Affiliate Revenue***

Affiliate revenue increased $0.4 million, or 8.9%,resulting primarily from additional power plant maintenance work performed byGeneration Services for Evangeline and higher CLE Intrastate revenue fromEvangeline as a result of Cleco's accounting for Evangeline under the equitymethod in accordance with FIN 46R.  These increases were partially offset byless power plant operations and maintenance work performed for Perryville.

***Operating Expenses***

Total operating expenses for 2005 decreased $6.0million, or 39.6%, compared to 2004.  Other operations expenses decreased $2.9million, or 31.6%, primarily due to the deconsolidation in 2004 of Perryvilleand PEH from Cleco's consolidated results as well as Cleco's accounting forEvangeline under the equity method in accordance with FIN 46R.  Maintenance expensesdecreased $1.2 million, or 35.7%, largely due to Cleco's accounting forEvangeline under the equity method in accordance with FIN 46R.  Depreciationexpenses decreased $1.9 million, or 85.6%, primarily due to Cleco's accountingfor Evangeline under the equity method in accordance with FIN 46R, thedeconsolidation in 2004 of Perryville and PEH from Cleco's consolidated resultsand the sale of the generation assets in June 2005. 

***Equity Income from Investees***

Equity income from investees increased $171.0million, or 359.6%, for 2005 compared to 2004.  The increase is primarilyattributable to a $175.6 million increase at Perryville related to thereintegration of Perryville financial results on Cleco Corporation's ConsolidatedStatements of Operations and a $0.4 million increase at Evangeline as a resultof the change in reporting for Evangeline effective April 1, 2004.  Partiallyoffsetting these increases was a $5.1 million decrease in Acadia's equityearnings primarily due to a reserve for uncollectible amounts relating to theCalpine Tolling Agreements attributable to the Calpine bankruptcy filing.  Foradditional information on Evangeline and Acadia, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 13- Equity Investment in Investees" and for additional information on Calpine'sbankruptcy, see Note 23 - "Calpine Bankruptcy."

***Other Income***

Other income increased $1.3 million during 2005compared to 2004 primarily due to the first annual guaranteed cash paymentreceived by APH from CES as part of a settlement entered into in August 2005regarding a dispute over the availability of transmission capacity at Acadia.

***Interest Charges***

Interest charges decreased $2.5 million, or 13.9%,during 2005 compared to 2004.  The decrease was primarily due to a $4.4 milliondecrease at Evangeline as a result of the change in reporting for Evangelineeffective April 1, 2004, and a $0.5 million decrease at Perryville and PEH as aresult of their deconsolidation from Cleco's consolidated results beginningJanuary 27, 2004.  These decreases were partially offset by a $2.4 millionincrease at APH as a result of higher interest rates relating to anintercompany loan from Cleco Corporation.

***Income Taxes***

Income tax expense increased $66.0 million, or 548.7%,during 2005 compared to 2004.  Tax rates were affected by the relative size ofpre-tax income related to these items.  Pre-tax income during 2005 increased$173.3 million compared to 2004, primarily due to the reintegration ofPerryville's financial results with Cleco's consolidated financial results.  Midstream'seffective income tax rate decreased from 40.3% to 38.9% during 2005 compared to2004 due to the recognition of the qualified production activities taxdeduction in 2005 under The American Jobs Creation Act of 2004.  The decreasewas partially offset by a 2005 increase in the accrual of tax contingency reserves. For financial results and additional information on Perryville, see Item 8,"Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 21 - Perryville."

33

**Cleco ConsolidatedResults of Operations - Year ended December 31, 2004, Compared to Year ended December 31, 2003**

** **

                      FOR THE YEAR ENDED DECEMBER 31,

** **

         FAVORABLE/(UNFAVORABLE)

(THOUSANDS)

**             **2004

              2003

       VARIANCE

         CHANGE

Operating revenue, net

   $ 745,817

   $   803,452

   $  (57,635)

       (7.17)%

Operating expenses

      644,679

      814,999

      170,320

      20.90 %

Operating income (loss)

   $ 101,138

   $  (11,547)

   $   112,685

                    *

Equity income from investees

   $   47,250

   $     31,391

   $     15,859

      50.52 %

Interest charges

   $   52,206

   $     70,789

   $     18,583

      26.25 %

Income (loss) from continuing operations

   $   66,119

   $  (29,768)

   $     95,887

                    *

Income (loss) from discontinued operations, net

   $          70

   $    (5,161)

   $       5,231

                    *

Net income (loss) applicable to common stock

   $   63,973

   $  (36,790)

   $   100,763

                    *

*    Not meaningful

Consolidated net income applicable tocommon stock in 2004 was $64.0 million, significantly above the $36.8 millionloss recorded in 2003.  The increase of $100.8 million was primarily due to increasedearnings at Midstream resulting from the $148.0 million impairment chargesrecorded at Perryville in 2003.  The increase was partially offset by reducedearnings at Cleco Power.

Operating revenue, net decreased $57.6 million, or 7.2%,in 2004 compared to 2003, largely as a result of the change in the reporting oftolling operations revenue at Evangeline beginning in the second quarter of2004 in accordance with FIN 46R and the bankruptcy filings of the MirantDebtors, MAEM's rejection of the Perryville Tolling Agreement, the subsequentbankruptcy filings of Perryville and PEH, and their subsequent deconsolidationfrom Cleco's consolidated results.  Also contributing to the decrease inoperating revenue, net were the effects of the settlement of Cleco Power's2001-2002 fuel audit.  Partially offsetting these decreases were higher baseand fuel cost recovery revenue at Cleco Power in 2004.

Operating expenses decreased $170.3 million, or 20.9%,in 2004 compared to 2003 primarily due to the $148.0 million impairment chargesrecorded at Perryville in 2003 and the effects of the deconsolidation ofPerryville, PEH, and Evangeline from Cleco's consolidated results.  Partiallyoffsetting these decreases were higher net recoverable fuel and power purchaseexpenses at Cleco Power in 2004. 

Equity income from investees increased $15.9million, or 50.5%, in 2004 compared to 2003, primarily due to the change inreporting for Evangeline effective April 1, 2004, in accordance with FIN 46R,partially offset by decreased equity earnings at Acadia.  Interest chargesdecreased $18.6 million, or 26.3%, compared to 2003, primarily due to theeffects of the deconsolidation of Perryville, PEH, and Evangeline from Cleco'sconsolidated results.

Results of operations for Cleco Power andMidstream are more fully described below.

**Cleco Power's Results of Operations - Year ended December 31, 2004,Compared to Year ended December 31, 2003**

Cleco Power's net income applicable to member'sequity for 2004 decreased $4.8 million, or 8.4%, compared to 2003.  Contributingfactors include:
-  highercustomer refund credits,
-  higherother operations expense,
-  higherdepreciation expense, and
-  lowerother income.

These werepartially offset by:
-  favorablefuel surcharge adjustments,
-  higherbase revenue from customer sales,
-  lowermaintenance expense,
-  lowerother expense, and
-  higherinterest income.

The aggregation of fuel cost recovery revenue, fuelused for electric generation-recoverable, and power purchased for utility customers-recoverable,as shown in the following chart significantly increased in 2004 compared to thesame period in 2003.  However, changes in these items do not significantlyimpact net income, since fluctuations in fuel-related costs generally arerecovered through fuel cost recovery revenue via Cleco Power's fuel cost adjustmentprocess.

FOR THE YEAR ENDED DECEMBER 31,

          FAVORABLE/(UNFAVORABLE)

(THOUSANDS)

              2004

              2003

       VARIANCE

             CHANGE

Operating revenue

     Base

   $  318,033

   $ 311,979

   $      6,054

          1.94 %

     Fuel cost recovery

      400,118

      364,023

        36,095

          9.92 %

     Electric customer credits

       (20,889)

         (1,562)

       (19,327)

                      *

     Other operations

        30,165

        30,639

             (474)

        (1.55)%

     Affiliate revenue

                 22

                    -

                 22

                      *

     Intercompany revenue

           1,860

           2,209

             (349)

      (15.80)%

          Operating revenue, net

      729,309

      707,288

        22,021

          3.11 %

Operating expenses

     Fuel used for electric generation -  recoverable

      151,910

      161,690

           9,780

          6.05 %

     Power purchased for utility customers -  recoverable 

      241,421

      201,556

       (39,865)

      (19.78)%

     Non-recoverable fuel and power  purchased

        28,083

        31,314

           3,231

        10.32 %

     Other operations

        73,969

        62,427

       (11,542)

      (18.49)%

     Maintenance

        36,329

        44,542

           8,213

        18.44 %

     Depreciation

        56,731

        54,084

         (2,647)

        (4.89)%

     Taxes other than income taxes

        36,735

        37,062

              327

          0.88 %

               Total operating expenses

      625,178

      592,675

       (32,503)

        (5.48)%

Operating income

   $  104,131

   $  114,613

   $  (10,482)

        (9.15)%

Interest income

   $      3,561

   $      1,335

   $       2,226

     166.74 %

Other income

   $      2,265

   $      4,714

   $    (2,449)

      (51.95)%

Other expense

   $      5,342

   $      7,775

   $       2,433

        31.29 %

Federal and state income taxes

   $    27,691

   $    29,846

   $       2,155

          7.22 %

Net income 

   $    52,202

   $    57,008

   $    (4,806)

        (8.43)%

*    Not meaningful

34

                             FOR THE YEAR ENDED DECEMBER 31,

       FAVORABLE/

(Million  kWh)

              2004

              2003

   (UNFAVORABLE)

Electric sales

     Residential

           3,507

           3,429

               2.27 %

     Commercial

           1,854

           1,781

               4.10 %

     Industrial

           2,902

           2,786

               4.16 %

     Other retail

              597

              595

               0.34 %

     Unbilled

                  (3)

                 39

                           *

               Total retail

           8,857

           8,630

               2.63 %

     Sales for resale

           1,057

           1,066

             (0.84)%

Total retail and wholesale customer sales

           9,914

           9,696

               2.25 %

*    Not meaningful

 

                            FOR THE YEAR ENDED  DECEMBER 31,

FAVORABLE/
(THOUSANDS)

              2004

              2003

   (UNFAVORABLE)

Electric sales

     Residential

   $ 153,607

   $ 149,755

               2.57 %

     Commercial

        70,116

        67,950

               3.19 %

     Industrial

        54,978

        55,098

             (0.22)%

     Other retail

        23,156

        23,025

               0.57 %

     Unbilled

                 48

           1,212

           (96.04)%

               Total retail

      301,905

      297,040

               1.64 %

     Sales for resale

        16,128

        14,939

               7.96 %

Total retail and wholesale customer sales

   $ 318,033

   $ 311,979

               1.94 %

The following chart shows how cooling andheating degree-days varied from normal conditions and from the prior period.  ClecoPower uses temperature data collected by the National Oceanic and AtmosphericAdministration to determine cooling and heating degree-days.

                    FOR THE YEAR ENDED                              DECEMBER 31,

               2004

               2003

**Cooling degree-days**

     Increase (decrease) from normal

          4.00 %

        (2.27)%

     Increase (decrease) from prior year

          6.45 %

        (5.99)%

**Heating degree-days**

     (Decrease) increase from normal

        (9.91)%

          7.76 %

     (Decrease) increase from prior year

      (15.95)%

          0.10 %

***Base***

Base revenue during 2004 increased $6.1 million,or 1.9%, compared to the same period in 2003.  The increase was primarily dueto higher volumes of retail and wholesale customer kWh sales, a renegotiatedcontract for additional ancillary services with a municipal customer, favorablefuel surcharge adjustments that were included in the Fuel Adjustment ClauseReport filed by Cleco Power in June 2004, and energy management service feesfrom contracts that commenced in May 2003.  Partially offsetting theseincreases in base revenue was the expiration of a contract with a municipalcustomer.

***Fuel Cost Recovery***

Fuel cost recoveryrevenue billed to customers during 2004 compared to the same period in 2003increased $36.1 million, or 9.9%, primarily due to fuel costs from energymanagement contracts that commenced in May 2003, higher cost and volumes ofpurchased power, and the reversal of estimates previously recorded inconjunction with issues covered by the LPSC fuel audit settlement.  Partiallyoffsetting these increases in fuel cost recovery revenue was thereclassification of certain revenues from a municipal customer.  For information on Cleco Power'sability to recover fuel and purchased power costs, see Part I, Item 1A, "RiskFactors - Fuel Costs."

***Electric CustomerCredits***

Electric customer credits during 2004 increased$19.3 million compared to the same period in 2003.  This increase in electriccustomer credits is primarily a result of the settlement of Cleco Power's2001-2002 fuel audit and higher accruals for the current RSP filing period. For additional information on the accrual for electric customer credits, seeItem 8, "Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 12 - Accrual of Electric Customer Credits."

***Operating Expenses***

Operating expenses increased $32.5 million, or 5.5%,in 2004 compared to the same period of 2003.  Fuel used for electric generationdecreased $9.8 million, or 6.1%, primarily as a result of lower volumes of fuelused for electric generation.  Also contributing to the decrease in fuel usedfor electric generation was the settlement of Cleco Power's 2001-2002 fuelaudit and favorable surcharge adjustments that were included in the FuelAdjustment Clause Report filed by Cleco Power in June 2004.  Power purchasedfor utility customers increased $39.9 million, or 19.8%, largely due to anincrease in the average per unit cost and volumes of purchased power.  Increasedvolumes of power purchased were largely attributable to higher customer demandand additional amounts required to fulfill energy management services contractsthat commenced in May 2003.  Fuel used for electric generation and powerpurchased for utility customers generally are influenced by natural gas prices. However, other factors such as unscheduled outages, unusual maintenance or repairs,or other developments may affect fuel used for electric generation and powerpurchased for utility customers.  Non-recoverable fuel and power purchaseddecreased $3.2 million, or 10.3%, in 2004 as compared to 2003, primarily as aresult of lower capacity payments during 2004.  Other operations expenseincreased $11.5 million, or 18.5%, primarily due to the 2003 reversal ofincentive compensation benefits resulting from the failure to meet targetperformance measures, higher consulting and audit fees, predominantly fromtesting required by Section 404 of the Sarbanes-Oxley Act of 2002, higherproperty and liability insurance costs, higher economic development incentives,and adjustments related to generating facility joint billing costs.  Theseincreases in other operations expense were partially offset by lower pensionand retirement benefit costs.  Maintenance expenses during 2004 decreased $8.2million, or 18.4%, compared to 2003 primarily due to decreased expenditures forCleco Power's transmission and distribution reliability initiative, productionactivities, and restoration efforts associated with Tropical Storm Bill, whichwere incurred during 2003.  Partially offsetting this decrease was additionalgenerating station and transmission substation maintenance work performedduring 2004.  Depreciation expense increased $2.6 million, or 4.9%, in 2004 as

35

compared to 2003 largely as a result of normal recurring additions to fixedassets.

***Interest Income***

Interest income increased $2.2 million, or 166.7%,during 2004 compared to 2003, primarily due to additional interest recorded onunder-recovered fuel costs that were included as surcharge adjustments in ClecoPower's Fuel Adjustment Clause Report filed in June 2004 and increased earningsfrom temporary investments.

***Other Income***

Other income decreased $2.4 million, or 52.0%,during 2004 compared to 2003, primarily due to less work performed by ClecoPower for Acadia during 2004.  The income from the work performed for Acadiawas offset by an equal amount of expenses as shown in "- Other Expense" below. Partially offsetting this decrease was increased income related to workperformed for other utilities by Cleco Power employees for the restoration ofpower in Gulf Coast states after Hurricanes Charley, Frances, and Ivan in 2004.

***Other Expense***

Other expense decreased $2.4 million, or 31.3%,during 2004 compared to 2003, primarily due to the absence of expenses relatedto work performed by Cleco Power for Acadia in 2004 and decreased charitable donations. This decrease was partially offset by legal fees associated with the settlementof Cleco Power's 2001-2002 fuel audit and expenses related to work performedfor other utilities by Cleco Power employees for the restoration of power inGulf Coast states after Hurricanes Charley, Frances, and Ivan in 2004. 

***Income Taxes***

Income tax expense in 2004 decreased $2.2 million,or 7.2%, compared to 2003.  Cleco Power's effective income tax rate increasedfrom 34.4% to 34.7% in 2004 compared to 2003 as a result of an increase instate income taxes relating to a loss carryforward that was utilized during2003.  State income taxes also increased due to disallowed federal income taxdeductions for years to which losses were carried back and federal tax refundswere received.  The effective rate increase was offset by the release ofcontingency reserves related to a favorable state tax settlement.  Effectivetax rates also were affected by the relative size of pre-tax income to theseitems.  Pre-tax income during 2004 decreased $7.0 million compared to 2003. For information about assumptions and estimates underlying Cleco Power's accountingfor the effect of income taxes, see "- Critical Accounting Policies."

**Midstream's Results of Operations - Year ended December 31, 2004,Compared to Year ended December 31, 2003**

Midstream's net income applicable to member'sequity for 2004 was $17.9 million, significantly above the $85.3 million lossrecorded in 2003.  Factors affecting Midstream during 2004 are described below.

***Perryville***

On January 28, 2004, Perryville reached anagreement to sell its 718-MW power plant to Entergy Louisiana and entered intothe Power Purchase Agreement to sell the output of the Perryville facility toEntergy Services.  To facilitate an orderly sales process, Perryville and PEHfiled voluntary petitions in the Perryville and PEH Bankruptcy Court forprotection under Chapter 11 of the U.S. Bankruptcy Code.  

The deconsolidation of Perryville and PEH fromCleco in connection with their bankruptcy filings affected Midstream's earningsfor 2004 compared to 2003, since no income or loss was recognized inMidstream's consolidated financial statements subsequent to the bankruptcyfiling on January 28, 2004.  Consequently, the chart below does not reflectoperating results for Perryville and PEH after January 28, 2004, as compared to2003.  For additional information on the sale of Perryville and relatedbankruptcy filings, see Item 8, "Financial Statements and Supplementary Data -Notes to the Financial Statements - Note 21 - Perryville."

***Evangeline***

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements and began reporting itsinvestment in Evangeline on the equity method of accounting.  As a result,effective March 31, 2004, the assets and liabilities of Evangeline no longerare reported on Cleco Corporation's Consolidated Balance Sheet but instead arerepresented by one line item corresponding to Cleco's equity investment inEvangeline.  Effective April 1, 2004, Evangeline revenue and expenses arenetted and reported on one line item as equity income from investees on ClecoCorporation's Consolidated Statements of Operations.  Consequently, the chartbelow reflects net operating results for Evangeline for the second, third, andfourth quarters of 2004 on the equity income from investees' line as comparedto being reported on various line items for 2003.  For additional informationon FIN 46R and the deconsolidation of Evangeline, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 13- Equity Investment in Investees."

***Cleco Energy***

In June 2004, management decided to sellsubstantially all of Cleco Energy's assets and discontinue Cleco Energy'snatural gas marketing, pipeline, and production operations after the sale.  OnSeptember 15, 2004, Cleco Energy completed the sale of its oil and gas productionproperties and on November 16, 2004, Cleco Energy completed the sale of itsnatural gas pipeline and marketing operations.  Prior to the sale of ClecoEnergy's assets and in accordance with SFAS No. 144, the property, plant andequipment of Cleco Energy was classified as held for sale on Cleco Corporation'sConsolidated Balance Sheet, and the related operations were classified as discontinuedon Cleco Corporation's Consolidated Statements of Operations.  Consequently,the net operating results for Cleco Energy for 2004 and 2003 are reported asdiscontinued operations in the chart below.  For additional information on

36

SFASNo. 144 and the discontinued operations and sale of Cleco Energy's assets, seeItem 8, "Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 16 - Discontinued Operations and Dispositions."

                                                       FOR THE YEAR ENDED DECEMBER 31,

          FAVORABLE/(UNFAVORABLE)

(THOUSANDS)

              2004

              2003

        VARIANCE

               CHANGE

Operating revenue

     Tolling operations

   $    10,255

   $     98,726

   $    (88,471)

        (89.61)%

     Other operations

              115

          (1,597)

           1,712

                        *

     Affiliate revenue

           4,474

                    -

           4,474

                        *

     Intercompany revenue

              285

               168

              117

          69.64 %

          Operating revenue, net

        15,129

         97,297

       (82,168)

        (84.45)%

Operating expenses

     Other operations

           9,269

    

         33,989

        24,720

          72.73 %

     Maintenance

           3,314

         15,732

        12,418

          78.93 %

     Depreciation

           2,197

         21,168

        18,971

          89.62 %

     Impairments of long-lived assets

                    -

      147,993

      147,993

                        *

     Taxes other than income taxes

              282

               365

                 83

          22.74 %

               Total operating expenses

         15,062

      219,247

      204,185

          93.13 %

Operating income (loss) 

   $            67

   $ (121,950)

   $   122,017

                        *

Equity income from investees

   $     47,538

   $      31,649

   $     15,889

          50.20 %

Other expense

   $            39

   $           862

   $          823

          95.48 %

Interest charges

   $     17,764

   $      38,753

   $     20,989

          54.16 %

Federal and state income tax expense (benefit)

   $     12,022

   $   (49,250)

   $  (61,272)

                        *

Income (loss) from discontinued operations,  including loss on disposal 

   $            70

   $     (5,161)

   $       5,231

                        *

Net income (loss)

   $     17,899

   $   (85,313)

   $   103,212

                        *

*    Not meaningful

***Tolling Operations***

Tolling operations revenue decreased $88.5million, or 89.6%, in 2004 compared to 2003, largely as a result of the bankruptcyfilings of the Mirant Debtors, MAEM's rejection of the Perryville Tolling Agreement,the subsequent bankruptcy filings of Perryville and PEH, and their subsequentdeconsolidation from Cleco's consolidated results.  Cleco's accounting forEvangeline on the equity method in accordance with FIN 46R also reduced tollingoperations revenue.

***Other Operations***

Other operations revenue increased $1.7 million in2004 compared to 2003.  This increase was largely due to the discontinuation ofMidstream's power trading activities in late 2002 as well as amounts requiredto be paid in 2003 to Cleco Power under the Consent Agreement.  This increasewas partially offset by lower energy management revenue, lower revenue frompower plant maintenance performed for third parties, and the absence ofgenerator imbalance revenue at Perryville.

***Affiliate Revenue***

Affiliate revenue increased $4.5 million in 2004compared to 2003.  The increase was primarily due to affiliate transactionswith Perryville, PEH, and Evangeline that no longer areeliminated as a result of those companies' deconsolidation from Cleco.

***Operating Expenses***

Operating expenses decreased $204.2 million, or93.1%, in 2004 compared to 2003, primarily due to the $148.0 million impairmentcharges recorded at Perryville during 2003.  In addition, operating expensesalso decreased as a result of the deconsolidation of Perryville, PEH, andEvangeline from Cleco's consolidated results.  For additional information concerningPerryville, see Item 8, "Financial Statements and Supplementary Data - Notes tothe Financial Statements - Note 21 - Perryville."

***Equity Income from Investees***

Equity income from investees increased $15.9million, or 50.2%, for 2004 compared to 2003.  The increase was largely due toa $19.9 million increase at Evangeline as a result of the change in reporting for Evangeline effectiveApril 1, 2004, in accordance with FIN 46R.  In addition, earnings at Evangelineincreased compared to 2003 as a result of the reassessment of the useful lifeof the facility's combustion turbine parts and the expensing of prepaid costsunder its long-term maintenance agreement with the turbine manufacturer in 2003. This increase was partially offset by a $4.0 million decrease in equityearnings at APH as a result of lower revenues and higher expenses at Acadia. Revenue at Acadia was lower as a result of lower tolling agreement capacitypayments (largely offset by priority earnings) and outages that occurred during2004.  Expenses were higher due to higher availability penalties, replacementpower costs, and increased maintenance expenses at the facility.  Foradditional information on Evangeline and Acadia, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 13- Equity Investment in Investees."

***Other Expense***

Other expensedecreased $0.8 million, or 95.5%, during 2004 compared to 2003, primarily dueto the 2003 payment of a $0.8 million civil penalty agreed to in the ConsentAgreement.  For additional information on the Consent Agreement, see Item 8,"Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 19 - FERC and Fuel Audit Settlements."

***Interest Charges***

Interest charges decreased $21.0 million, or 54.2%,during 2004 compared to 2003, primarily due to the repayment of Midstream'scredit facility during the first quarter of 2004 and the deconsolidation of Perryville,PEH, and Evangeline from Cleco's consolidated results. 

***Income Taxes***

Income tax expense increased $61.3 million during2004 compared to the same period of 2003.  Midstream's effective income taxrate increased from 38.1% to 40.3% during 2004 compared to 2003 largely as aresult of a 2003 non-tax  

37

deductible civil penalty of $0.8 million paid to FERC in accordance with theConsent Agreement and a 2004 increase in the accrual of tax contingencyreserves.  Effective tax rates also were affected by the relative size of pre-taxincome to these items.  Pre-tax income during 2004 increased $159.3 millioncompared to the same period of 2003.  For information about the assumptions andestimates underlying Midstream's accounting for the effect of income taxes, see- "Critical Accounting Policies."

***DiscontinuedOperations, Net of Tax***

Discontinued operations, net of tax increased $5.2million during 2004 compared to 2003, primarily due to an impairment charge recordedat Cleco Energy during 2003 and a gain on disposal from the sale of ClecoEnergy's natural gas pipeline and marketing operations on November 16, 2004.  Partiallyoffsetting these increases were lower gas margins and a loss on disposal fromthe sale of Cleco Energy's oil and gas production properties on September 15,2004.  For additional information on the discontinued operations and sale ofCleco Energy's assets, see Item 8, "Financial Statements and Supplementary Data- Notes to the Financial Statements - Note 16 - Discontinued Operations and Dispositions."

**CLECO POWER LLC - NARRATIVE ANALYSIS OFRESULTS OF OPERATIONS**

For anarrative analysis of the results of operations explaining the reasons formaterial changes in the amount of revenue and expense items of Cleco Powerbetween the year ended December 31, 2005, and the year ended December 31, 2004,see "Results of Operations - Cleco Power's Results of Operations - Yearended December 31, 2005, Compared to Year ended December 31, 2004."

For anarrative analysis of the results of operations explaining the reasons for materialchanges in the amount of revenue and expense items of Cleco Power between theyear ended December 31, 2004, and the year ended December 31, 2003, see "Resultsof Operations - Cleco Power's Results of Operations - Year ended December 31,2004, Compared to Year ended December 31, 2003."

The narrative analyses referenced above shouldbe read in combination with Cleco Power's Financial Statements and the Notes containedin this Form 10-K.

**CRITICAL ACCOUNTING POLICIES**

Cleco's critical accounting policies include thoseaccounting policies that are both important to Cleco's financial condition andresults of operations and those that require management to make difficult,subjective, or complex judgments about future events, which could result in amaterial impact to the financial statements of Cleco Corporation's segments orto Cleco as a consolidated entity.  The financial statements contained in thisreport are prepared in accordance with accounting principles generally acceptedin the U.S., which require Cleco to make estimates and assumptions.  Estimatesand assumptions about future events and their effects cannot be made with certainty. Management bases its current estimates and assumptions on historical experienceand on various other factors that are believed to be reasonable under the circumstances. On an ongoing basis, these estimates and assumptions are evaluated and, ifnecessary, adjustments are made when warranted by new or updated information orby a change in circumstances or environment.  Actual results may differsignificantly from these estimates under different assumptions or conditions.  Foradditional information on Cleco's accounting policies see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 2- Summary of Significant Accounting Policies."

Cleco believes that the following are the mostsignificant critical accounting policies for the Company:
-  Clecoaccounts for pensions and other postretirement benefits under SFAS No. 87 andSFAS No. 106.  To determine assets, liabilities, income, and expense relatingto pension and other postretirement benefits, management must make assumptionsabout future trends.  Assumptions and estimates include, but are not limitedto, discount rate, expected return on plan assets, future rate of compensationincreases, and medical inflation trend rates.  These assumptions are reviewedand updated on an annual basis.  Changes in the rates from year to year andnewly enacted laws could have a material effect on Cleco's financial condition  and results of operations by changing the recorded assets, liabilities,  income, expense, or required funding of the pension plan obligation.  One  component of pension expense is the expected return on plan assets.  It  is an assumed percentage return on the market-related value of plan assets.   The market-related value of plan assets differs from the fair value of plan  assets by the amount of deferred asset gains or losses.  Actual asset  returns that differ from the expected return on plan assets are deferred and  recognized in the market-related value of assets on a straight-line basis over  a five-year period.  The 2005 return on pension plan assets was 6.4%  compared to an expected return of 8.5%.  For 2004, the return on plan  assets was 10.3% compared to an expected return of 8.7%.

Achange in the assumed discount rate creates a deferred actuarial gain or loss. Generally, when the assumed discount rate decreases compared to the priormeasurement date, a deferred actuarial loss is created.  When the assumed discountrate increases compared to the prior measurement date, a deferred actuarialgain is created.  Actuarial gains and losses also are created when actualresults, such as assumed compensation increases, differ from assumptions.  Thenet of the deferred gains and losses are amortized to pension expense over theaverage service life of the remaining plan participants, 16 years for Cleco'splan, when it exceeds certain thresholds defined in SFAS No. 87.  This approachto amortization of gains and losses has the effect of reducing the volatilityof pension expense attributable to investment returns.  Over time, it is notexpected to reduce 

 

38

 

or increase the pension expense relative to an approach thatimmediately recognizes losses and gains.  

Asa result of the annual review of assumptions, Cleco has reduced the expectedreturn on plan assets from 8.5% to 8.4% and the discount rate from 5.75% to 5.50%. Cleco uses the Citigroup Pension Liability Index as a proxy for determining thediscount rate applied to its pension plans, with a slight downward adjustmentof 0.05%.  The use of the Citigroup Pension Liability Index as a proxy isconsidered to be proper because of the comparability of the Cleco pension plan'sexpected future cash flows to the expected future cash flows of the CitigroupPension Liability Index.  The cumulative effect of these two changes isexpected to increase 2006 pension expense by approximately $0.6 million ascompared to the assumptions used to calculate pension expense in 2005.  The2006 pension expense is expected to increase by $1.1 million due to increasedamortization of accumulated actuarial losses in excess of thresholds defined inSFAS No. 87.  Similar assumptions are used to calculate both required anddiscretionary contributions.  Cleco Power made a discretionary contribution of$14.0 million in 2004 and no contribution for 2005.  Future discretionary contributionsmay be made depending on changes in assumptions, the ability to utilize thecontribution as a tax deduction and requirements concerning recognizing aminimum pension liability.  Currently, Cleco Power does not expect to makerequired contributions for approximately five years.  However, the five-yeartime period may be shortened by a decrease in discount rates, changes in lawsconcerning the calculation, or a significant downturn in the return on thepension plan investments.  For additional information on pensions and otherpostretirement benefits, see Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 9 - Pension Plan and EmployeeBenefits."
-  Cleco accounts for income taxes under SFAS No. 109.  Under thismethod, income tax expense and related balance sheet amounts are comprised of a"current" portion and a "deferred" portion.  The current portion representsCleco's estimate of the income taxes payable or receivable for the currentyear.  The deferred portion represents Cleco's estimate of the future incometax effects of events that have been recognized in the financial statements orincome tax returns in the current or prior years.  Cleco makes assumptions andestimates when it records income taxes, such as its ability to deduct items onits tax returns, the timing of the deduction, and the effect of regulation bythe LPSC on income taxes.  Cleco's income tax expense and related assets andliabilities could be affected by changes in its assumptions and estimates andby ultimate resolution of assumptions and estimates with taxing authorities.  Theactual results may differ from the estimated results based on these assumptionsand may have a material effect on Cleco's results of operations.  Foradditional information about ClecoCorporation's income taxes, see Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 10 - Income Taxes." 
-  ClecoCorporation consolidates entities as required by ARB No. 51, as amended by SFASNo. 94, and interpreted by FIN 46R.  Generally, a parent consolidates entitiesin which it controls, either directly or indirectly, the majority of the votinginterest.  Additionally, a parent could be required to consolidate an entity inwhich it does not control a majority voting interest if the subsidiary is a variableinterest entity and meets certain criteria contained in FIN 46R.  An entity isa variable interest entity if it lacks the ability to finance its activitieswithout support from other parties; if its owners lack controlling financialinterest in the entity; or if the entity either conducts substantially all ofits activities with or on behalf of an investor or if voting rights aredisproportional to risks and rewards.  While consolidation or deconsolidationwill not affect net income applicable to common shareholders, it may affectspecific line items within the income statement, such as revenue, specificexpense line items, and income from equity investees.  Consolidation or deconsolidationof an entity will affect specific balance sheet items such as property, plantand equipment and long-term debt, which will cause changes in total assets andtotal liabilities.  Shareholders' equity should not be affected byconsolidation or deconsolidation of entities.
-  Partof the compensation employees and directors receive is in the form of equityinstruments.  The instruments may take the form of restricted stock, stockoptions, stock equivalent units, or other types of equity instruments asdescribed in the plans.  Historically, Cleco recognized expense related toequity instruments granted to employees and directors using the intrinsic valuemethod as described in APB Opinion No. 25, not using the fair value method asdescribed in SFAS No. 123.  Recording compensation expense using the intrinsicvalue method described in APB Opinion No. 25 requires management to estimatethe probability of instruments vesting and the number of instruments thatvest.  The probability assessment and estimate of the number of instrumentsrequires management to evaluate the relative total return to Cleco shareholdersas compared to a peer group, growth in net income and return of investment overa three-year period.  Changes in estimates could cause significant changes innet income.  In prior years, Cleco has granted employees either options orrestricted stock which required settlement in stock.  In 2006, Cleco grantedcommon stock equivalent units which will be paid in cash if certain performanceand service vesting requirements are met.  Effective January 1, 2006, Clecoadopted SFAS No. 123R, which requires recognizing equity compensation at fairvalue.  At December 31, 2005, Cleco had $2.7 million in fair value compensationcosts not yet recognized as expense related to nonvested restricted stock and stock  

39

options.  The compensation expense will be recognized over a weighted average periodof 1.4 years.  For additional information on stock-based compensation, see Item8, "Financial Statements and Supplemental Data - Notes to the FinancialStatements - Note 2 - Summary of Significant Accounting Policies - Stock-BasedCompensation."

***Cleco Power***

SFAS No. 71 determines how to account for actionsby regulators that control the price an entity can charge its customers.  ClecoPower's prices are regulated by the LPSC and the FERC.  By determining whatcosts can be recovered by Cleco Power through the price it charges itscustomers, regulatory assets and liabilities are recognized.  Future changesmade by the regulatory bodies could have a material impact on the operationsand financial condition of Cleco Power.  Below are three areas that could bematerially impacted by future actions of regulators.
-  The LPSC determines the ability of Cleco Power to recover prudent costs incurred indeveloping long-lived assets.  If the LPSC was to rule that the cost of currentor future long-lived assets was imprudent and not recoverable, Cleco Powercould be required to write down the imprudent cost and incur a correspondingimpairment loss.  At December 31, 2005, the carrying value of Cleco Power'slong-lived assets was $1.2 billion.  Currently, Cleco Power has concluded thatnone of its long-lived assets are impaired.
-  ClecoPower has concluded it is probable that regulatory assets can be recovered fromratepayers in future rates.  At December 31, 2005, Cleco Power had $166.9million in regulatory assets, net of regulatory liabilities.  Actions by theLPSC could limit the recovery of these regulatory assets, causing Cleco Powerto record a loss on some or all of the regulatory assets.  For additional informationon the LPSC and regulatory assets, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 2 - Summary ofSignificant Accounting Policies - Regulation," Note 3 - "Regulatory Assets andLiabilities," and "- Financial Condition - Other Matters - Lignite Deferral." 
-  The LPSC determines the amount and type of fuel and purchased power costs thatCleco Power can charge customers through the fuel adjustment clause.  Changesin the determination of allowable costs already incurred by Cleco Power couldcause material changes in fuel revenue.  In 2004, the LPSC accepted asettlement relating to its fuel audit that required Cleco Power to refund $16.0million to customers in 2005.  This refund was made to customers in February2005.  For more information about the settlement, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 19- FERC and Fuel Audit Settlements - Fuel Audit Settlement."  For the yearsended December 31, 2005, 2004, and 2003, Cleco Power reported fuel revenue of $552.1million, $400.1 million, and $364.0 million, respectively.  For additionalinformation on the LPSC and the fuel adjustment clause, see Part I, Item 1A,"Risk Factors - Fuel Costs."

***Midstream***

Generally, Midstream is most affected by market conditionsand changes in contract counterparty credit ratings and financial condition.  Themost important are listed below.
-  Certaintriggering events could cause Midstream to determine that its long-lived assetsor its equity method investments may be impaired according to applicableaccounting guidance.  Triggering events which apply to long-lived assetsinclude, but are not limited to, a significant decrease in the market value oflong-lived assets, significant changes in a tolling agreement counterparty'sfinancial condition, a significant change in legal factors, such as adversechanges in environmental laws, or a current operating or cash flow losscombined with a projection of continued losses in the future.  An equity methodinvestment is required to be tested for impairment if an "other than temporary"decline in market value occurs.  Any impairment calculated is subject to manyassumptions and estimations.  Management must make assumptions about expectedfuture cash flows, long-term interest rates, estimations about the probabilityof the occurrence or non-occurrence of future events, and estimations of marketvalue of assets without a readily observable market price.  Differences betweenthe estimate made at a particular balance sheet date and actual events couldcause material adjustments to an impairment charge.  At December 31, 2005,Midstream had $2.0 million in long-lived assets and $317.6 million in equitymethod investments.  Additionally, two equity method accounting entities, Evangelineand Acadia, had long-lived assets of $194.2 million and $451.8 million,respectively.  Perryville had a net investment in a direct financing lease of$7.8 million.  If the carrying value of a long-lived asset could not be recoveredthrough cash flows relating to that long-lived asset, the asset would bewritten down to its fair market value, resulting in an impairment charge.  Ifthe market value of an equity method investment is below its carrying value andthe decline in market value is other than temporary, then carrying value wouldbe written down to its fair market value, resulting in an impairment charge.  Thefiling for bankruptcy protection by the Calpine Debtors on December 20, 2005,and the subsequent filing for rejection of the Calpine Tolling Agreements wasan event which, in management's opinion, caused an other than temporary declinein the market value of its share of Acadia.  Since there are no readilyavailable liquid markets for this type of investment, Cleco evaluated themarket value of Acadia using the expected cash flow method in accordance withConcept Statement No. 7.  The expected cash flow method requires management todetermine probable scenarios, estimate cash flows, assign probabilities to thescenarios, and 

40

then discount the cash flows to the present using a risk-freeinterest rate.  At December 31, 2005, management's assessment of the currentmarket value of its investment in Acadia was above the carrying value, so animpairment of the investment was not required.  However, future valuationsmight be required which could require the recognition of an impairment. Factors that affect valuations include, but are not limited to, changes inexpectations of the price of natural gas as compared to the price ofelectricity, changes in the probability of scenarios, changes in scenarioswhere one scenario is replaced with another and changes in market value of theunderlying power plant assets.  During 2004, Midstream recorded impairmentcharges of $1.1 million relating to the Cleco Energy proved oil and natural gasreserves.  During 2003, Midstream recorded impairment charges of $148.0 millionrelating to the Perryville power plant and $8.3 million relating to the ClecoEnergy gas assets and proved oil and natural gas reserves.  Impairment chargesat Cleco Energy for years 2004 and 2003 are reported as discontinued operationson Cleco Corporation's Consolidated Statements of Operations.  For additionalinformation on the impairment charges, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 18 - Impairmentsof Long-Lived Assets."
-  Midstreamrecords income from Evangeline as income from an equity investment and accountsfor the Evangeline Tolling Agreement as an operating lease.  If the tollingagreement was to be modified to the extent that it would make lease accountingno longer appropriate, future results could materially differ from thosecurrently reported.  Under current lease accounting rules, over the first 10years of the tolling agreement, Evangeline will recognize revenue that will notbe billed and collected until the last 10 years of the tolling agreement.  Iflease accounting was to cease, the revenue would be recognized as billed,causing the revenue recognized in the first 10 years to be lower than it wouldhave been under lease accounting.  As of December 31, 2005, Evangeline had recorded$20.9 million in revenue that will not be billed and collected until the last10 years of the tolling agreement, beginning in the year 2010.  If the tollingagreement is modified substantially, the $20.9 million may not be collectible,and Evangeline may be required to incur a loss of some or all of the $20.9 million. For additional information on the tolling agreement, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 14- Operating Leases."
-  Thebankruptcy proceedings of Perryville and PEH were concluded in the fourthquarter of 2005.  The emergence from bankruptcy resulted in earnings of $175.7million reported in the income from equity investees' line of ClecoCorporation's Consolidated Statement of Operations.  The earnings equaled thecumulative activity of PEH and Perryville for the bankruptcy period from January28, 2004, until October 10, 2005.  For additional information on Perryville,see Item 8, "Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 21 - Perryville."

**FINANCIAL CONDITION**

**Liquidity and CapitalResources**

**General Considerations andCredit-Related Risks**

***Credit Ratings andCounterparties***

Financing for operational needs and constructionrequirements is dependent upon the cost and availability of external funds fromcapital markets and financial institutions.  Access to funds is dependent uponfactors such as general economic conditions, regulatory authorizations andpolicies, Cleco Corporation's credit rating, the credit rating of ClecoCorporation's subsidiaries, the cash flows from routine operations, and thecredit ratings of project counterparties.  The following table presents thecredit ratings of Cleco Corporation, Cleco Power, Evangeline, and Cleco's tollingagreement counterparties at December 31, 2005:

MOODY'S
STANDARD &  POOR'S
SENIOR       UNSECURED    DEBT

SENIOR  SECURED  DEBT

SENIOR  UNSECURED  DEBT
SENIOR  SECURED  DEBT
Cleco Corporation

             Baa3

                      -

            BBB-

                     -

Cleco Power

             Baa1

                  A3

              BBB

            BBB+

Evangeline

                     -

                  B1

                     -

                     -

Tolling Counterparties:

     Williams

                 B1

                      -

                 B+

                     -

     Calpine

                  Ca

                      -

                    D

                     -

On October 10, 2005, Moody's changed therating outlook for Cleco Corporation from negative to stable.  According toMoody's, the change in the rating outlook primarily reflected the improvedfinancial profile of the consolidated company, a modestly lower risk profileassociated with its merchant generation investments, including the completedexit from the Perryville facility and sale of related claims.  Moody's ratingoutlook for Cleco Power remains stable.  Standard & Poor's outlook for the ratingsis negative due to continued uncertainties surrounding Cleco's merchant energyactivities.  If Cleco Corporation or Cleco Power's credit rating were to be downgradedby Moody's or Standard & Poor's, Cleco Corporation or Cleco Power would berequired to pay additional fees and higher interest rates under their bankcredit and other debt agreements. At December 31, 2005, Moody's outlook forEvangeline was stable.  The rating and outlook for Evangeline has not changedsince a ratings upgrade from B3 to B1 on November 18, 2004.

The Williams Companies, Inc. and Calpine, asparent companies, have issued guarantees of the payment obligations of theirrespective tolling counterparties under the tolling agreements.  The creditratings of these parent companies are below investment grade.  On December 20,2005, the Calpine Debtors filed for protection under Chapter 11 of the U.S. BankruptcyCode.  Due to the events leading up to, and including 

41

the bankruptcy filing by Calpine, Moody's lowered its ratings on Calpine's senior unsecured debt fromCaa3 to Ca, while Standard & Poor's lowered its ratings on Calpine's seniorunsecured debt from CCC- to D.  Moody's ratings outlook for Calpine is negative. Moody's outlook for Williams Companies, Inc. is stable.  Cleco notes that thesecredit ratings are not recommendations to buy, sell, or hold securities and maybe subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.  For informationon possible consequences resulting from failure of Cleco's counterparties to performtheir obligations under the tolling agreements and recent events relating tothe tolling agreements, see "- Results of Operations - Midstream - SignificantFactors Affecting Midstream - Earnings are primarily affected by the followingfactors."

With respectto any open power or gas trading positions that Cleco may initiate in thefuture, Cleco may be required to provide credit support (or pay liquidateddamages).  The amount of credit support that Cleco may be required to provide atany point in the future is dependent on the amount of the initial transaction, changesin the market price of power and natural gas, the changes in open power and gaspositions, and changes in the amount counterparties owe Cleco.  Changes in anyof these factors could cause the amount of requested credit support to increaseor decrease.

***Debt***

As discussed below, Cleco Corporation and ClecoPower entered into new credit facilities in April 2005.  If Cleco Corporation wasto default under covenants in its various credit facilities, Cleco Corporationwould be unable to borrow additional funds under the credit facilities.  IfCleco Corporation's credit rating were to be downgraded one level below investmentgrade, Cleco Corporation would be required to pay fees and interest totaling0.375% higher than the current level for its $150.0 million credit facility. The same downgrade at Cleco Power would require Cleco Power to pay fees and interesttotaling 0.65% higher on its $125.0 million credit facility.  At December 31,2005, Cleco Corporation and Cleco Power were in compliance with the covenantsin their credit facilities.

***Cleco Consolidated***

Cleco had no short-term debt outstanding atDecember 31, 2005, or December 31, 2004.  At December 31, 2005, Cleco'slong-term debt outstanding was $609.6 million, compared to $450.6 million atDecember 31, 2004.  The $159.0 million increase was primarily due to theissuances in 2005 by Cleco Power of $50.0 million of 4.95% Senior Notes, dueJuly 15, 2015, and $150.0 million of 6.50% Senior Notes, due December 1, 2035,offset partially by the classification of $40.0 million of medium-term notes asshort-term debt (long-term debt due within one year) based on their maturitydates.  During the year ended December 31, 2005, Cleco also repaid $100.0 millionof Cleco Corporation's 8.75% Senior Notes and $60.0 million of Cleco Power'sSeries X, 9.5% First Mortgage Bonds, both at maturity.  These two issues wereclassified as long-term debt due within one year; therefore, the repayment didnot affect the total amount of long-term debt recorded.  The repayments were fundedby available cash at Cleco Corporation and new borrowings by Cleco Power.  Foradditional information, see "- Cleco Corporation (Holding Company Level)" and "-Cleco Power" below, and also see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 6 - Debt."

At December 31, 2005, Clecohad a working capital surplus of $140.4 million, while at December 31, 2004,Cleco had a working capital deficit of $49.9 million.  The $190.3 millionincrease in working capital is a result of an increase in current assets of $146.7million and a decrease in current liabilities of $43.6 million.  The increasein current assets is primarily due to an increase in temporary cash investmentsfrom the issuance of the $150.0 million senior notes at Cleco Power in November2005, an increase in accounts receivable due to higher utility bills, cash fromthe sale of Perryville's assets and damage claims against Mirant, the deferralof additional fuel and purchased power costs, and an increase in market valueof open forward gas contracts.  The decrease in current liabilities is mainlydue to a decrease in long-term debt due within one year from the repayment ofCleco Corporation's 8.75% Senior Notes and Cleco Power's Series X, 9.5% FirstMortgage Bonds, both at maturity, and the payment of customer credits accruedfor the fuel audit settlement.  These were partially offset by an increase inaccounts payable due to storm restoration costs, fuel and power purchases, andaccumulated deferred taxes.

Cash and cash equivalentsavailable at December 31, 2005, were $219.2 million combined with $251.4 millionfacility capacity ($126.4 million from Cleco Corporation and $125.0 millionfrom Cleco Power) for total liquidity of $470.6 million.  Cash and cash equivalentsincreased $95.4 million, when compared to December 31, 2004, largely due to thecash received from the issuance of long-term debt, the sale of Perryville, thesale of damage claims against Mirant, and from ongoing operations.  Cashincreases were partially offset by the repayment of debt, payment of dividends,and expenditures for capital additions to property, plant and equipment, bothroutine and for storm restoration.

Cleco has developed a planfor payment of storm restoration costs related to Hurricanes Katrina and Rita,as well as for initial development costs of its solid-fuel power plant self-buildproposal.  For more information on the current plan, see "- Cleco Power" below.

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

Cleco Corporation had no short-term debtoutstanding at December 31, 2005, or December 31, 2004.  On June 1, 2005, ClecoCorporation repaid $100.0 million of long-term debt due within one yearrelating to its 8.75% Senior Notes, due June 1, 2005, with cash on hand.  

On April 25, 2005, Cleco Corporation replacedits $150.0 million, three-year credit facility with a $150.0 million, five-yearfacility.  This facility provides for working capital and other needs.  ClecoCorporation's borrowing costs under the facility 

42

are equal to LIBOR plus 0.875%. The facility contains the following covenants:  
-  aprohibition against incurring debt other than under the facility, subject tothe following permitted exceptions, among others:  (i)  up to $425.0 million(less borrowings under the facility) of specified types of other debt may beincurred; (ii)  guarantees of Cleco Power obligations and (iii)  otherspecified guarantees, up to specified amounts;
-  aprohibition against creating liens upon any property, subject to permittedexceptions;
-  restrictionson merging, consolidating, or selling assets outside the ordinary course ofbusiness;
-  aprohibition against making loans or investments, subject to permittedexceptions, including exceptions for investments of up to $10.0 million peryear in subsidiaries other than Cleco Power and loans of up to $20.0 million inthe aggregate to such subsidiaries;
-  aprohibition against amending Cleco's 401(k) plan in a manner that would bematerially adverse to the lenders under the facility, subject to permittedexceptions;
-  aprohibition against paying dividends, redeeming stock, or making payments onsubordinated debt, subject to permitted exceptions, including an exception allowingthe payment of dividends on common stock up to the amount of Cleco's net cash receiptsfor the preceding twelve months, less $25.0 million;
-  aprohibition against transactions with affiliates, subject to permittedexceptions;
-  aprohibition against Cleco and Cleco Power entering into agreements orarrangements that prohibit or restrict their ability to incur liens, or ClecoPower's ability to pay dividends or to repay debt or make payments to Cleco, subjectto permitted exceptions;
-  aprohibition against entering into speculative and other hedge agreementsintended to be a borrowing of funds;
-  arequirement that Cleco maintain at all times Total Indebtedness equal to orless than 70% of Total Capitalization;
-  arequirement that Cleco maintain at all times adjusted total indebtedness equalto or less than 65% of total capitalization; and
-  arequirement that Cleco maintain a ratio of earnings before interest, taxes,depreciation, and amortization to interest expense as of the end of any fiscalquarter of at least 2.50 to 1.00.

Cleco Corporation's borrowing costs underthe prior facility were equal to LIBOR plus 1.50%, and the weighted averagecost of borrowings was 3.795%.  At December 31, 2005, off-balance sheetcommitments reduced available borrowings by an additional $23.6 million,leaving available capacity of $126.4 million.  For more information about thesecommitments, see Item 8, "Financial Statements and Supplementary Data - Notesto the Financial Statements - Note 15 - Litigation and Other Commitments andContingencies - Off-Balance Sheet Commitments."  On May 10, 2005, Cleco renewed an uncommitted line of credit.  The line of credit was increased from$5.0 million to $10.0 million and is available to support Cleco's workingcapital needs.  This line of credit is available to either Cleco Corporation orCleco Power.

Cash and cash equivalents available at December31, 2005, were $35.7 million, combined with $126.4 million facility capacity fortotal liquidity of $162.1 million.  Cash and cash equivalents decreased $33.9million, when compared to December 31, 2004, largely due to the repayment ofthe 8.75% Senior Notes discussed above and equity contributions to Cleco Powerto assist with storm restoration costs, partially offset by proceeds from the saleof Perryville's assets and damage claims against Mirant and dividends fromCleco Power.

If Cleco Power were to default under its creditfacility, Cleco Corporation would be considered in default under its current creditfacility.  The bonds issued by Evangeline are non-recourse to Cleco Corporation,and a default on these bonds would not be considered a default under Cleco Corporation'scredit facility.

On February 20, 2004, and May 3, 2004, ClecoCorporation entered into two separate interest rate swaps with a third-partyfinancial institution to hedge the exposure to changes in the fair value ofCleco Corporation's 8.75% Senior Notes.  For information on these interest rateswaps, see Item 8, "Financial Statements and Supplementary Data - Notes to theFinancial Statements - Note 6 - Debt."

***Cleco Power***

There was no short-term debt outstanding at ClecoPower at December 31, 2005, or at December 31, 2004.  At December 31, 2005,Cleco Power's long-term debt outstanding was $509.6 million, compared to $350.6million at December 31, 2004.  The $159.0 million increase was primarily due tothe issuances of $50.0 million of 4.95% Senior Notes, due July 15, 2015, and$150.0 million of 6.50% Senior Notes, due December 1, 2035, offset partially bythe classification of $40.0 million of medium-term notes as short-term debt(long-term debt due within one year) based on their maturity dates.  During theyear ended December 31, 2005, Cleco Power repaid $60.0 million of long-termdebt due within one year relating to its Series X, 9.5% First Mortgage Bonds,due March 15, 2005, with cash on hand and cash from new borrowings.

On April 25, 2005, Cleco Power replaced itsexisting $125.0 million, 364-day credit facility with a $125.0 million, five-yearfacility.  This facility provides for working capital and other needs.  ClecoPower's initial borrowing cost under this facility is equal to LIBOR plus 0.600%,including facility fees.  The facility contains the following covenants:
-  aprohibition against creating liens upon any property, subject to permittedexceptions; 
-  restrictionson merging, consolidating, or selling assets outside the ordinary course ofbusiness;
-  aprohibition against making loans, subject to permitted exceptions;
-  aprohibition against amending Cleco Power's Indenture of Mortgage dated July 1,1950 or Cleco Power's 401(k) 

43

plan in a manner that would be materially adverseto the lenders under the facility, subject to permitted exceptions;
-  arequirement that Cleco Power maintain at all times total indebtedness equal toor less than 65% of total capitalization; and
-  arequirement that Cleco Power maintain a ratio of earnings before interest,taxes, depreciation, and amortization to interest expense as of the end of anyfiscal quarter of at least 2.50 to 1.00.

At December 31, 2005,no amounts were outstanding under Cleco Power's $125.0 million, five-yearfacility.  On May 10, 2005, Cleco renewed an uncommitted line of credit.  Theline of credit was increased from $5.0 million to $10.0 million and is availableto support Cleco Power's working capital needs.  This line of credit isavailable to either Cleco Power or Cleco Corporation.

Cash and cash equivalents available at December31, 2005, were $183.4 million, combined with $125.0 million facility capacityfor total liquidity of $308.4 million.  Cash and cash equivalents increased $129.3million, when compared to December 31, 2004, primarily due to cash receivedfrom the issuance of long-term debt late in the fourth quarter, equitycontributions from Cleco Corporation, and from ongoing operations.  These cashincreases were partially offset by repayment of debt, payment of dividends toCleco Corporation, and expenditures for capital additions to property, plant andequipment, both routine and for storm restoration.

Storm restoration costs from Hurricanes Katrinaand Rita are currently estimated to total $158.0 million, a decrease from theoriginal estimate of $161.8 million filed with the LPSC.  Cleco Power requestedand has received regulatory approval from the LPSC to create a regulatory assetthat represents incremental, non-capitalized restoration costs incurred as a resultof Hurricanes Katrina and Rita.  The LPSC has agreed to an interim increase inrates of $23.4 million annually over a ten-year period to recover the stormrestoration costs.  The amortization of this regulatory asset over a ten-yearperiod began in October 2005.  Cleco Power is also exploring the reimbursementof storm restoration costs from the U.S. Government. 

On February 22, 2006, the LPSC approved ClecoPower's plans to build Rodemacher Unit 3.  Terms of the approval included acceptanceof an LPSC Staff recommendation that Cleco Power collect from customers 75% ofthe carrying costs of capital during the construction phase of the unit. In addition to this recovery of carrying costs, Cleco Power plansto fund the construction costs related to Rodemacher Unit 3 by utilizing cashon hand, available funds from its credit facility, the issuance of long-termdebt and equity contributions from Cleco Corporation.

***Midstream***

Midstream had no short-term debt outstanding atDecember 31, 2005, or December 31, 2004.

At December 31, 2005, Perryville had no short-termor long-term debt outstanding.  On June 30, 2005, Perryville paid the outstandingprincipal and interest of $131.0 million under the Senior Loan Agreement.  OnJuly 19, 2005, Perryville elected to offset its $98.7 million Subordinated DebtClaim against MAI with MAI's $98.7 million claim against Perryville.  As aresult of PEH and Perryville's plan of reorganization, PEH has beenreconsolidated with Cleco, and Perryville is accounted for under the equitymethod.

Evangeline, deconsolidated and no longer reportedin Cleco Corporation's consolidated results, had no short-term debt outstandingat December 31, 2005.  Evangeline did have $184.7 million and $191.8 million oflong-term debt outstanding at December 31, 2005, and December 31, 2004, respectively,in the form of 8.82% Senior Secured Bonds due 2019.  In addition, Evangelinehad $7.1 million and $6.0 million of long-term debt due within one year atDecember 31, 2005, and December 31, 2004, respectively, relating to these bonds. The bonds issued by Evangeline are non-recourse to Cleco Corporation.  Forinformation on the deconsolidation of Evangeline, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 13- Equity Investment in Investees."

**Cash Generation and Cash Requirements**

***Restricted Cash***

Various agreements to which Cleco is subjectcontain covenants that restrict its use of cash.  As certain provisions underthese agreements are met, cash is transferred out of related escrow accountsand becomes available for general corporate purposes.  At December 31, 2005, and2004, $35.7 million and $35.8 million, respectively, of cash were restricted.  

At December 31, 2005, the $35.7 million ofrestricted cash consisted of $0.1 million under the Diversified Lands mitigationescrow agreement and $35.6 million under the Evangeline senior secured bondindenture.  On July 8, 2005, approximately $1.8 million of the $2.1 million of cashrestricted in the debtor-in-possession accounts for Perryville was released bythe Perryville lenders, and on September 28, 2005, the remaining cash wasreleased.  The restricted cash at Evangeline is not included in ClecoCorporation's Consolidated Balance Sheets at December 31, 2005, due to thedeconsolidation of Evangeline in 2004.

**Cleco Cash Flows**

***Net Cash Provided byOperating Activities***

Net cash provided by operating activities was $249.7million during 2005, $166.6 million in 2004, and $198.9 million in 2003.

Cash from operating activities in 2005 increased$83.1 million from that reported in 2004 primarily due to the sale of Perryville'sassets and damage claims against Mirant, higher accounts payable due toincreased costs of power and gas purchases and higher deferred compensation,higher deferred taxes due to storm restoration costs, and lower margin 

44

depositrequirements due to a favorable increase in market value of open gascontracts.  These were partially offset by higher accounts receivable due tohigher utility bills and an increase in regulatory assets due to expensesassociated with Hurricanes Katrina and Rita.

Net cash provided by operating activitiesdecreased $32.3 million in 2004 compared to 2003, primarily due to a $14.0 milliondiscretionary cash contribution to the employee pension plan and thedeconsolidation of Perryville and PEH.  Results for 2004 included only onemonth of Perryville and PEH operations.

***Net Cash Used inInvesting Activities***

Net cash used in investing activities was $147.2million during 2005, $60.6 million in 2004, and $55.7 million in 2003.  Netcash used in 2005 was higher than 2004 and 2003 primarily due to higher additionsto property, plant, and equipment related to Hurricanes Katrina and Rita, theabsence of proceeds from disposal of Cleco Energy assets, and a lower amount ofcash transferred from restricted accounts due to the deconsolidation ofEvangeline.

During 2005, Cleco had additions to property,plant and equipment, net of AFUDC, of $157.0 million, a $3.7 million investmentin company- and trust-owned life insurance and a $1.4 million investment inPerryville.  This was partially offset by $12.1 million of dividends, primarilyfrom APH, and $2.8 million in proceeds, primarily from the sale of theFranklinton and DeRidder distribution assets.

During 2004, Cleco had additions to property,plant and equipment, net of AFUDC, of $76.2 million, a $6.9 million investmentin company- and trust-owned life insurance and a $5.5 million investment inPerryville.  This was partially offset by cash provided of $10.4 million fromthe sale of the assets of Cleco Energy, $10.2 million from the release of cashfrom restricted accounts, and $7.1 million of dividends from APH.

During 2003, Cleco had additions to property,plant and equipment, net of AFUDC, of $71.8 million and $2.7 million forinvestment in company- and trust-owned life insurance.  This was partiallyoffset by $12.4 million cash provided from the release of cash from restrictedaccounts, and $6.0 million of dividends from APH.

***Net Cash Used inFinancing Activities***

Net cash used in financing activities was $7.1million during 2005, $77.6 million in 2004, and $162.2 million in 2003.  Netcash used in financing activities in 2005 was less than 2004 primarily due to higherproceeds from the issuance of debt, net of debt repaid at maturity, offset partiallyby the absence of proceeds received in 2004 from the public issuance of commonstock.  Net cash used in financing activities in 2004 was less than 2003 primarilydue to less cash used to redeem outstanding debt in 2004, net of new debtissued, and additional cash provided in 2004 from the sale of common stock, asexplained below.

During 2005, Cleco used $200.1 million of cashfor repayment of long-term debt obligations and $46.8 million for common and preferredstock dividends.  This amount wasoffset partially by $238.7 million provided by the issuance of long-term debt.

During 2004, Cleco used $70.3 million of cashfor redemption of short- and long-term debt obligations and $45.1 million forcommon and preferred stock dividends.  This amount was partially offset by$35.7 million from the sale of 2.0 million shares of common stock.

During 2003, Cleco used $291.7 million of cashfor redemption of short- and long-term debt obligations and $44.3 million forcommon and preferred stock dividends.  This amount was partially offset by$175.0 million of proceeds from the issuance of additional long-term debt.

**Cleco Power Cash Flows**

***Net Cash Provided byOperating Activities***

Net cash provided by operating activities was $125.0million during 2005, $103.2 million in 2004, and $159.5 million in 2003.

Cash from operating activities in 2005 increased$21.8 million from that reported in 2004 primarily due to higher tax deferralsresulting from a storm casualty loss deduction partially offset by payments forstorm restoration work.

Net cash provided by operating activitiesdecreased $56.3 million in 2004 compared to 2003, primarily due to the paymentof amounts for income taxes paid by Cleco Corporation on behalf of Cleco Power anda $14.0 million discretionary cash contribution to the employee pension plan.

***Net Cash Used inInvesting Activities***

Net cash used in investing activities was $153.9million during 2005, $75.3 million in 2004, and $65.7 million in 2003.  Netcash used in 2005 was higher than 2004 and 2003 primarily due to higheradditions to property, plant, and equipment related to Hurricanes Katrina andRita.

During 2005, Cleco Power had additions toproperty, plant and equipment, net of AFUDC, of $156.1 million compared to $75.0million and $65.8 million in 2004 and 2003, respectively.

***Net Cash Provided by/Usedin Financing Activities***

Net cash provided by financing activities was $158.2million during 2005, compared to net cash used in financing activities of $44.8million in 2004, and $92.0 million in 2003.  Net cash provided by financingactivities in 2005 was $203.0 million higher than 2004 primarily due to higherproceeds from the issuance of long-term debt, net of debt retired, of $138.7million and a cash contribution of $75.0 million from Cleco Corporation, offsetpartially by $8.2 million in higher dividends distributed to Cleco Corporation.

Net cash used in financing activities in 2004was $47.2 million less than net cash used in 2003 primarily due to a lower amountof debt retired, net of debt issued of $57.0 million, offset partially by theabsence of a 2003 contribution of $10.0 million from Cleco Corporation.

45

***Shelf Registrations***

Cleco Corporation currently has two shelfregistration statements on file (Registration No. 333-109506 and RegistrationNo. 333-55656).  At December 31, 2005, Registration Statement No. 333-55656 hadremaining capacity allowing for the issuance of up to $67.0 million of commonor preferred stock.  Registration Statement No. 333-109506 became effective onJune 14, 2005, and allows for the issuance of up to $200.0 million of stock anddebt securities.  In 2005, Cleco Power issued a total of $200.0 millionprincipal amount of its debt securities under its registration statements,leaving no remaining capacity to issue securities under either registrationstatement.

***Construction Overview***

Cleco allocates its construction expenditures amongits major first-tier subsidiaries - Cleco Power and Midstream.  Cleco Power constructioncosts relate primarily to assets that may be included in Cleco Power's ratebase and, if considered prudent by the LPSC, can be recovered from its customers. Those assets also earn a rate of return authorized by the LPSC and are subjectto the rate agreement described below under "- Retail Rates of Cleco Power." Such assets consist of improvements to Cleco Power's distribution system, transmissionsystem, and generating stations.  Midstream's construction consists of assetswhose rate of return is determined by the market, not by regulators.  Examplesof this type of construction include the repowering or construction ofgenerating facilities, additions to gas pipeline transmission systems, andinvestments in a joint venture engaged in owning power plants.

Cleco's 2006 expenditures for construction anddebt maturity are estimated to total $304.3 million, which includes $264.3million of estimated construction expenditures, excluding AFUDC, and $40.0million of estimated debt maturity payments.  For the five-year period endingin 2010, Cleco's expenditures for construction and debt maturity are expectedto total approximately $1.45 billion, which includes $1.2 billion of estimatedconstruction expenditures, excluding AFUDC, and $240.4 million of estimateddebt maturity payments.  Approximately 71% of the planned construction expendituresis expected to be for Cleco Power's construction of Rodemacher Unit 3.  Totalproject costs are estimated at $1.0 billion, which includes approximately$135.0 million of AFUDC.  Approximately 11% of the planned construction expenditureswill support line extensions and substation upgrades to accommodate newbusiness and load growth at Cleco Power.  The remaining 18% will be for therehabilitation of older transmission, distribution, and generation assets atCleco Power and the purchase of computer hardware and software upgrades forCleco.  Evangeline's 2006 expenditures for construction and debt maturity areestimated to total $8.6 million, which includes $1.5 million of estimatedconstruction expenditures, excluding AFUDC, and $7.1 million of estimated debtmaturity payments.  For the five-year period ending in 2010, Evangeline'sexpenditures for construction and debt maturity are expected to total $52.3million, which includes $14.1 million of estimated construction expenditures,excluding AFUDC, and $38.2 million of estimated debt maturity payments.  The constructionand debt maturity payments for Evangeline are not included in Cleco's totalsdue to the deconsolidation of Evangeline in 2004.  For more information on thedeconsolidation of Evangeline, see Note 13 - "Equity Investment in Investees." For information on the maturities of Cleco's debt, see Item 8, "FinancialStatements and Supplementary Data - Notes to the Financial Statements - Note 6- Debt."

Cleco believes that its cash and cashequivalents on hand, together with cash generated from its operations,borrowings from credit facilities, and the net proceeds of any issuances underCleco's shelf registration statements, will be adequate to fund normal ongoingcapital expenditures, working capital, and debt service requirements for theforeseeable future.

***Cleco PowerConstruction***

Cleco Power's construction expenditures totaled $186.4million in 2005, $78.7 million in 2004, and $68.5 million in 2003, includingAFUDC.  Theincrease in construction expenditures from 2004 to 2005 is primarily due tostorm restoration costs relating to Hurricanes Katrina and Rita.  The increasein construction expenditures from 2003 to 2004 is primarily due to enhancementsto Cleco Power's mobile radio system, an increase in new customer installations,and substation construction.

Cleco Power's construction expenditures for 2006,excluding AFUDC, are estimated to be $263.6 million.  For the five-year periodending in 2010, they are expected to total $1.2 billion.  Approximately 71% ofthe planned construction is expected to be for Cleco Power's construction of asolid-fuel power plant, while approximately 11% of the planned construction inthe five-year period will support line extensions and substation upgrades toaccommodate new business and load growth.  The remaining 18% will be for therehabilitation of older transmission, distribution, and generation assets.  ClecoPower's anticipated construction expenditures are significantly influenced byits plan to build the 600-MW, solid-fuel Rodemacher Unit 3.  Total projectcosts are estimated at $1.0 billion, which includes approximately $135.0million of AFUDC.

After the evaluation of potential constructioncontractors, Cleco Power entered into an engineering, procurement, andconstruction (EPC) contract for Rodemacher Unit 3 with Shaw Contractors, Inc.(Shaw), effective August 1, 2005.  The EPC contract allows for termination atCleco Power's sole discretion if certain milestones, approvals, or othertypical commercial terms and conditions are not met.  Under the terms of theEPC contract, in the event Cleco Power does not maintain a senior unsecuredcredit rating of either:  (i)  Baa3 or better from Moody's Investors Service or(ii)  BBB- or better from Standard & Poor's, Cleco Power will be requiredto provide a letter of credit to Shaw in the amount of $20.0 million.  In theevent of further downgrade to both of its credit ratings to:  (i)  Ba2 or belowfrom Moody's Investors Service, and (ii)  BB or below from Standard &Poor's, Cleco Power will be required to provide an additional $15.0 millionletter of credit to Shaw.  Under additional terms of the EPC contract, Shaw provideda letter of credit to Cleco Power upon execution of the contract in an   

46

amount equal to 2.5% of the target price of thecontract.  Upon issuance of the noticeto start construction, this letter of credit will be increased to 7.5%.  Thecost of the EPC contract will be finalized after negotiations with majorequipment suppliers to the project are completed.  Shaw has entered intoseveral major equipment subcontracts during the first quarter of 2006. Applications for all of the environmental permits have been filed, and thepermits are expected to be received during the first and second quarters of2006.

In 2005, 67.9% of Cleco Power's constructionrequirements was funded internally.  In 2004 and 2003, 100.0% of Cleco Power'sconstruction requirements was funded internally.  In 2006, 40.9% ofconstruction requirements is expected to be funded internally.  For thefive-year period ending 2010, 64.1% of the construction requirements is expectedto be funded internally.  All computations of internally fundedconstruction exclude AFUDC.  This five-year projection of funding assumesfavorable rate-relief from the LPSC during the construction of Cleco Power'sRodemacher Unit 3.

***Midstream Construction***

Midstream incurred less than $0.1 million of constructionexpenditures in 2005, $(0.1) million in 2004, and $5.9 million in 2003.  Thenegative construction amount shown for 2004 was the result of adjustments topreviously recorded construction costs at Evangeline prior to thedeconsolidation.  Construction expenditures for Evangeline for the year endedDecember 31, 2005, totaled $1.4 million.  As noted above, Evangeline hasestimated construction expenditures of $1.5 million for 2006 and $14.1 millionfor the five-year period ending in 2010.  Evangeline's constructionexpenditures were not included in the above consolidated total due toEvangeline's deconsolidation.

Midstream does not anticipate any expendituresin 2006 for construction, other than those noted above for Evangeline.  For thefive-year period ending in 2010, construction expenditures, excludingEvangeline, are expected to total less than $0.1 million.  The majority of theseexpenditures will consist of upgrades of computer hardware and software.

In 2005, 2004, and 2003, 100.0% of Midstream'sconstruction requirements was funded internally.  For the five-year period ending in 2010, 100.0% of Midstream's construction requirements, includingEvangeline, is expected to be funded internally. 

***Other SubsidiaryConstruction***

Other subsidiaries had construction expendituresof $0.9 million during 2005, $2.4 million during 2004, and $0.1 million during2003.  Expenditures of $1.1 million in 2004 were allocated to Cleco Power andMidstream, resulting in net construction expenditures of $1.3 million.  Theseexpenditures related to the installation and upgrade of computer hardware andsoftware implementation for Support Group in order to meet the growing needs ofCleco.  Other construction expenditures for 2006 are estimated to total $0.7 million. For the five-year period ending 2010, they are expected to total $3.1 million. The majority of the planned other construction in the five-year period will gotoward upgrade of computer hardware and software for Support Group.

***Other CashRequirements***

Cleco Power's regulated operations and Midstream'smerchant power plants are Cleco's primary sources of internally generatedfunds.  These funds, along with the issuance of additional debt and equity infuture years, will be used for general corporate purposes, construction, and torepay corporate debt.

***ContractualObligations and Other Commitments***

Cleco, in the course of normal businessactivities, enters into a variety of contractual obligations.  Some of theseresult in direct obligations that are reflected in the Consolidated BalanceSheets while others are commitments, some firm and some based on uncertainties,that are not reflected in the consolidated financial statements.  Theobligations listed below do not include amounts for ongoing needs for which nocontractual obligation existed as of December 31, 2005, and represent onlyamounts that Cleco was contractually obligated to meet as of December 31, 2005.

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The following table summarizes the projectedfuture payments for Cleco's contractual obligations existing at December 31,2005:

                      PAYMENTS DUE BY PERIOD

  CONTRACTUAL OBLIGATIONS (THOUSANDS)

                  TOTAL

          LESS THAN            ONE YEAR

                      1-3                    YEARs

                     4-5                  YEARS

          MORE THAN                  5 YEARS

Cleco Corporation

     Long-term debt obligations  (1)

   $        117,833

   $            7,300

   $      109,933

   $               600

   $                     -

     Operating lease obligations  (3)

                     222

                    163

                      59

                        -

                          -

     Purchase obligations  (4)

                 6,826

                4,439

                2,367

                     16

                          4

     Other long-term liabilities  (5)

            136,600

                3,227

             12,009

               7,095

            114,269

          Total Cleco Corporation

   $        261,481

   $          15,129

   $      124,368

   $            7,711

   $         114,273

Cleco Power

     Long-term debt obligations  (1)

   $     1,036,555

   $          72,996

   $      107,740

   $       100,327

   $         755,492

     Capital lease obligations  (2)

                     633

                    127

                   253

                   253

                          -

     Operating lease obligations  (3)

               34,770

                6,007

             10,283

               7,563

               10,917

     Purchase obligations  (4)

         2,038,802

           688,377

       1,051,405

          291,584

                 7,436

     Other long-term liabilities  (5)

            152,317

              19,270

             32,350

             29,929

               70,768

          Total Cleco Power

   $     3,263,077

   $        786,777

   $    1,202,031

   $       429,656

   $         844,613

Midstream *

     Purchase obligations  (4)

                     563

                    218

                   345

                        -

                          -

          Total Midstream

   $               563

   $               218

   $              345

   $                   -

   $                     -

Other

     Purchase obligations  (4)

                 6,336

                2,961

                3,375

                        -

                          -

     Other long-term liabilities  (5)

                          9

                         9

                         -

                        -

                          -

          Total Other

   $            6,345

   $           2,970

   $           3,375

   $                   -

   $                     -

Total long-term debt obligations  (1)

   $     1,154,388

   $         80,296

   $       217,673

   $       100,927

   $         755,492

Total capital lease obligations  (2)

   $               633

   $              127

   $              253

   $              253

   $                     -

Total operating lease obligations  (3)

   $          34,992

   $           6,170

   $         10,342

   $           7,563

   $           10,917

Total purchase obligations (4)

   $     2,052,527

   $       695,995

   $    1,057,492

   $       291,600

   $             7,440

Total other long-term liabilities  (5)

   $        288,926

   $         22,506

   $         44,359

   $         37,024

   $         185,037

          Total  

   $     3,531,466

   $       805,094

   $    1,330,119

   $       437,367

   $         958,886

(1)Long-termdebt existing as of December 31, 2005, is debt that has a final maturity ofJanuary 1, 2007, or later (current maturities of long-term debt are due withinone-year).  Cleco's anticipated interest payments related to long-term debt alsoare included in this category.  Scheduled maturities of debt will total $40.0 millionfor 2006 and $611.5 million for the years thereafter.  For additionalinformation regarding Cleco's long-term debt, see Item 8, "Financial Statementsand Supplementary Data - Notes to the Financial Statements - Note 6 - Debt" and"- Debt" above.

(2)Capitalleases are maintained in the ordinary course of Cleco's business activities.  Theseleases include office equipment leases.

(3)Operatingleases are maintained in the ordinary course of Cleco's business activities. These leases include tolling agreements and vehicle, office space, operatingfacilities, office equipment, and operating equipment leases and have variousterms and expiration dates from 1 to 16 years.  For additional informationregarding Cleco's operating leases, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 14 - OperatingLeases."

(4)Significantpurchase obligations for Cleco are listed below:
-       FuelContracts:  To supply a portion of the fuel requirements for Cleco Power'sgenerating plants, Cleco has entered into various commitments to obtain anddeliver coal, lignite, and natural gas.  Some of these contracts containprovisions for price escalation and minimum purchase commitments.  Generally,fuel and purchased power expenses are recovered through the LPSC-establishedfuel adjustment clause, which enables Cleco Power to pass on to customerssubstantially all such charges.  For additional information regarding fuelcontracts, see Part I, Item 1, "Business - Operations - Cleco Power - Fuel andPurchased Power."
-       PowerPurchase Agreements:  Cleco Power has entered into agreements with energysuppliers for purchased power to meet system load and energy requirements,replace generation from Cleco Power owned units under maintenance and duringoutages, and meet operating reserve obligations.  In general, these contractsprovide for capacity payments, subject to meeting certain contract obligations,and energy payments based on actual power taken under the contracts.  ClecoPower also has entered into agreements to purchase transmission capacity.  Foradditional information regarding power purchase agreements, see "- RegulatoryMatters - Generation RFP" below.
-       EPCContract:  Cleco Power entered into an engineering, procurement, andconstruction contract with Shaw Construction, Inc. to construct Rodemacher Unit3.  For more information, see "- Overview - Cleco Power" and "- RegulatoryMatters - Generation RFP."
-       GasFutures Contracts:  Cleco Power entered into gas purchase contracts in order tohedge the risk associated with the fixed-price power that will be provided to anew wholesale customer through December 2010.  For more information, see Item7A, "Quantitative and Qualitative Disclosures About Market Risk - Risk Overview- Commodity Price Risk."
-       Purchaseorders:  Cleco has entered into purchase orders in the course of normalbusiness activities.
-       Forpurposes of this table, it is assumed that all terms and rates related to theabove obligations will remain the same, and any franchises up for renewal willbe renewed according to the rates used in the table.

(5)Otherlong-term liabilities primarily consist of obligations for franchise payments, deferredcompensation, facilities use, SERP and other post-retirement obligations, andvarious operating and maintenance agreements.

*Long-termdebt, long-term maintenance agreements, and various other operating andmaintenance agreements related to Midstream's deconsolidated entities,Perryville and Evangeline, and its equity investment in Acadia are notreflected in the chart above.  For additional information on these entities,see Item 8, "Financial Statements and Supplementary Data - Notes to theFinancial Statements - Note 13 - Equity Investment in Investees" and Note 21 -"Perryville."

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***Off-Balance Sheet Commitments***

Cleco Corporation and Cleco Power have enteredinto various off-balance sheet commitments, in the form of guarantees andstandby letters of credit, in order to facilitate their activities and theactivities of Cleco Corporation's subsidiaries and equity investees(affiliates).  Cleco Corporation entered into these off-balance sheetcommitments in order to entice desired counterparties to contract with itsaffiliates by providing some measure of credit assurance to the counterparty inthe event Cleco's affiliates do not fulfill certain contractual obligations.  IfCleco Corporation had not provided the off-balance sheet commitments, thedesired counterparties may not have contracted with Cleco's affiliates, or mayhave contracted with them at terms less favorable to its affiliates.

The off-balance sheet commitments are notrecognized on Cleco's Consolidated Balance Sheets, because it has beendetermined that Cleco's affiliates are able to perform these obligations undertheir contracts and that it is not probable that payments by Cleco will berequired.  Some of these commitments reduce borrowings available to ClecoCorporation under its credit facility pursuant to the terms of the creditfacility.  Cleco's off-balance sheet commitments as of December 31, 2005, aresummarized in the following table, and a discussion of the off-balance sheetcommitments follows the table.  The discussion should be read in conjunctionwith the table to understand the impact of the off-balance sheet commitments onCleco's financial condition.

AT DECEMBER 31, 2005

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

**  $ 277,400**

** $  135,000**

**    $ 142,400***

**         $        328**

Cleco Corporation guarantees issued to purchasers  of the assets of Cleco Energy 

**                   1,400**

**             -**

**                   1,400**

**                1,400**

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

**                 15,000**

**             -**

**                 15,000**

**              15,000**

Cleco Corporation guarantee issued to Central  Mississippi Generating Co. on behalf of Attala 

**                   6,906**

**             -**

**                   6,906**

**                6,906**

Cleco Power obligations under standby letter of  credit issued to Louisiana Department of Labor

**                      525**

**             -**

**                      525**

**                        -**

Cleco Power obligations under Lignite Mining  Agreement

**                 15,141**

**             -**

**                 15,141**

**                        -**

     Total

** $ 316,372**

** $  135,000**

**    $  181,372**

**         $   23,634**

*    Excluding the indemnification  of environmental matters, to which there is no limit.

Cleco Corporation provided a limited guarantee to EntergyLouisiana and Entergy Gulf States for Perryville's performance indemnity,representation, and warranty obligations under the Sale Agreement, the PowerPurchase Agreement, and other ancillary agreements related to the sale of thePerryville facility.  As of December 31, 2005, the aggregate guarantee of $277.4million is limited to $142.4 million (other than with respect to the indemnificationof environmental matters, to which there is no limit) due to the performance ofsome of the underlying obligations that were guaranteed.  The discounted probability-weightedliability under the guarantees and indemnifications as of December 31, 2005,was $0.3 million, resulting in a corresponding reduction in the availablecredit under Cleco's credit facility, which was determined in accordance withthe facility's definition of a contingent obligation.  The contingentobligation reduces the amount available under the credit agreements by anamount equal to the reasonably anticipated liability in respect of thecontingent obligation as determined in good faith if the total amount ofindebtedness outstanding, including such contingent obligations, exceedscertain thresholds.  For additional information on this guarantee, see Item 8,"Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 17 - Disclosures About Guarantees."

In November 2004, Cleco completed the sale ofsubstantially all of the assets of Cleco Energy.  Cleco Corporation providedguarantees to the buyers of Cleco Energy's assets for the payment andperformance of the indemnity obligations of Cleco Energy.  The aggregate amountof the guarantees is $1.4 million.  The purchaser of Cleco Energy's assets hasinvoked its indemnification provisions pursuant to the purchase and saleagreement that Cleco guaranteed, as a result of a recently filed lawsuitagainst the purchaser and Cleco Energy (related to the price charged forcertain natural gas sales by Cleco Energy).  After an initial investigation,management believes that this matter will not have a material impact on Cleco'sfinancial condition, results of operations, or cash flows.  For information onthe sale of Cleco Energy's assets, see Item 8, "Financial Statements andSupplementary Data - Notes to the Financial Statements - Note 16 - DiscontinuedOperations and Dispositions."

If Evangeline fails to perform certain obligationsunder its tolling agreement, Cleco Corporation will be required to makepayments to the Evangeline Tolling Agreement counterparty.  Cleco Corporation'sobligation under the Evangeline commitment is in the form of a standby letterof credit from investment grade banks and is limited to $15.0 million.  Ratingstriggers do not exist in the Evangeline Tolling Agreement.  Cleco expectsEvangeline to be able to meet its obligations under the tolling agreement anddoes not expect Cleco Corporation to be required to make payments to thecounterparty.  However, under the covenants associated with Cleco Corporation'scredit facility, the entire net amount of the Evangeline commitment reduces theamount that can be borrowed under the credit facility.  The letter of creditfor Evangeline is expected to be renewed annually until 2020.

On March 16, 2005, Cleco Corporation issued aguarantee to Central Mississippi Generating Company, LLC for Attala'sobligations and liabilities under the purchase and sale agreement betweenCentral Mississippi Generating Company, LLC and Attala.  This agreementprovides for the acquisition of transmission assets by Attala, includingAttala's obligations to 

49

pay the purchase price for the assets and to indemnifythe seller.  The maximum amount payable under the guarantee is $6.9 million. On January 20, 2006, Cleco completed the purchase of the transmission assets,and the guarantee was reduced to $0.7 million.  In addition, on January 20,2006, Cleco Corporation provided a $0.5 million guarantee to Entergy Mississippi,Inc. for Attala's obligations under the Interconnection Agreement and Real EstateAgreement.

The State of Louisiana allows employers of certainfinancial net worth to self-insure their workers' compensation benefits.  ClecoPower applied to the Louisiana Office of Workers' Compensation for acertificate of self-insurance.  The State of Louisiana required Cleco Power topost a $0.5 million letter of credit as surety in an amount equal to 110percent of the average losses over the previous three years.

As part of the Lignite Mining Agreement enteredinto in 2001, Cleco Power and SWEPCO, joint owners of Dolet Hills, have agreedto pay the lignite miner's loan and lease principal obligations when due, ifthe lignite miner does not have sufficient funds or credit to pay.  Any amountspaid on behalf of the miner would be credited by the lignite miner against thenext invoice for lignite delivered.  At December 31, 2005, Cleco Power's 50%exposure for this obligation was approximately $15.1 million.  The lignitemining contract is in place until 2011 and does not affect the amount ClecoCorporation can borrow under its credit facility.

The following table summarizes the expectedtermination date of the guarantees and standby letters of credit discussedabove:

                                                                         AT DECEMBER 31, 2005

                AMOUNT  OF COMMITMENT EXPIRATION PER PERIOD

NET
              MORE

          AMOUNT

LESS THAN
             THAN

(THOUSANDS)

     COMMITTED

       ONE YEAR

      1-3 YEARS

      4-5 YEARS

         5 YEARS

Guarantees

** $  165,847**

** $ 6,906**

** $         -**

** $  101,400**

** $ 57,541**

Standby letters of credit

**    15,525**

**        525**

**             -**

**             -**

**   15,000**

     Total commercial commitments

** $  181,372**

** $ 7,431**

** $         -**

** $  101,400**

** $ 72,541**
 
***Inflation***

Annual inflation rates, as measured by the U.S.Consumer Price Index, have averaged approximately 2.72% during the three yearsended December 31, 2005.  Cleco believes inflation, at this level, does notmaterially affect its results of operations or financial position.  However,under existing regulatory practice, only the historical cost of a plant is recoverablefrom customers.  As a result, Cleco Power's cash flows designed to providerecovery of historical plant costs may not be adequate to replace property,plant and equipment in future years.

**Regulatory Matters**

***Generation RFP***

Cleco Power made an informational filing with theLPSC on April 15, 2004, seeking proposals for up to 1,000 MW of capacity andenergy to replace existing contracts and to accommodate load growth, as well asup to 800 MW of capacity to replace older natural gas-fired units.  Cleco Powerissued the final RFP on August 31, 2004.  Indicative bid proposals werereceived on October 29, 2004, and a short list of bidders was selected in February2005.  Cleco Power selected winning bidders in April 2005.  Evaluation of thebids was completed with oversight from the LPSC Staff and the RFP independentmonitor.

In January 2005, Cleco Power issued a one-year(2006 requirements) alternate solicitation for short-term resources that is notsubject to the LPSC's General Order No. U-26172 that requires acquisitions ofgenerating capacity to be subject to a "market test" in the form of an RFP.  Thebids from this solicitation were assessed both as separate alternatives to thelong-term RFP and in combination with the RFP.  The evaluation and selectiontimeline for the 2006 solicitation were parallel to that of the 2004 RFP.  

In June 2005, Cleco Power made selections fromits long-term and short-term RFPs and announced plans to (i)  construct aproposed 600-MW solid-fuel power plant at its Rodemacher power station nearBoyce, Louisiana; (ii)  negotiate a one-year power purchase agreement with CESproviding 200 MW of capacity in 2006; and (iii)  negotiate a four-year powerpurchase agreement with Williams providing 500 MW annually of capacity from2006 through 2009.  Cleco Power filed an application seeking approval andcertification of its plan with the LPSC in July 2005 (the CCN filing).  Duringthe allowed CCN intervention filing period, ten interested parties intervened.  TheCCN filing requested that the LPSC issue CCNs which find Cleco Power'sselections from the RFP to be in the public interest and authorize it toconstruct and contract for such generation resources.  Both power contractswere signed on August 1, 2005, and certified by the LPSC in November 2005.  Sincethe Calpine Debtors declared bankruptcy in late December 2005, Cleco Power continuesto explore alternatives to ensure it has access to energy should the CEScontract need to be replaced.  On August 3, 2005, the LPSC established aprocedural schedule related to the self-build option.  Supplemental testimonyto the CCN filing relating to the EPC contract and other financing matters wasprovided to the LPSC in November 2005.  On February 22, 2006, the LPSC approvedCleco Power's plans to build Rodemacher Unit 3.  For additional information onCleco Power's self-build, see Part I, Item 1A, "Risk Factors - Rodemacher Unit3 CCN" and - "Rodemacher Unit 3 Construction" and "Overview - Cleco Power."  

***Environmental Matters***

For information on environmental matters, see PartI, Item 1, "Business - Regulatory Matters, Industry Developments, andFranchises - Environmental Matters."

50

***Retail Rates of ClecoPower***

Retail rates regulated by the LPSC accounted forapproximately 94% of Cleco Power's 2005 revenue.  The cost of fuel used forelectric generation and the cost of power purchased for utility customers arerecovered through an LPSC-established fuel adjustment clause that enables ClecoPower to pass onto its customers substantially all such charges.  These fueland purchased power costs are subject to audit by the LPSC.  The most recentreview by the LPSC covered the years 2001 and 2002.  Credits due to customersrelating to the settlement of Cleco Power's 2001-2002 fuel audit were includedon customer bills in the first quarter of 2005.  In November 2005, due to theincreased price of natural gas and its effect on the cost of generating fueland purchased power, the LPSC established a proceeding, Docket No. U-29174, toreview the prudency of utility fuel costs incurred during the period January 1,2005, through October 31, 2005.  This review is ongoing and no preliminaryresults have been reported.  Although this proceeding is not a full fuel auditas required under the provisions of the Fuel Adjustment Clause General Order,Cleco anticipates the information from this current proceeding would be utilizedin any subsequent fuel audit of 2005 fuel costs.  A consultant's report on thisproceeding is anticipated to be presented to the LPSC during the second quarterof 2006.

In 1996, the LPSC approved a settlement of ClecoPower's earnings review which provided customers with lower electricity rates. The terms of this settlement, referred to as the RSP, were to be effective fora five-year period.  The settlement period was extended until September 30,2004, under a February 1999 agreement with the LPSC.  Two additional extensionswere granted, on March 18, 2004, and on October 4, 2005, extending the RSP fortwo additional years, without modification, to September 30, 2006. 

The RSP allows Cleco Power to retain allregulated earnings up to a 12.25% return on equity and to share equally withcustomers, as credits on their bills, all regulated earnings between 12.25% and13% return on equity.  All regulated earnings above a 13% return on equity arecredited to customers.  This effectively allows Cleco Power the opportunity torealize a regulatory rate of return up to 12.625%.  The amount of credits duecustomers, if any, is determined by Cleco Power and the LPSC annually, based onresults for each 12-month period ended September 30. 

The LPSC has not yet issued its preliminaryreport for the RSP cycles ended September 30, 2002, 2003, or 2004, forwhich Cleco Power has made the requisite filings.  Cleco Power anticipated thecompletion of the reviews for the cycles ended September 30, 2002, 2003, and2004 by the end of 2005, however, completion of these reviews has extended into2006.  For information concerning amounts accrued by Cleco Power based on the RSP,see Item 8, "Financial Statements and Supplementary Data - Notes to theFinancial Statements - Note 12 - Accrual of Electric Customer Credits."

On December 19, 2005, Cleco Power filed a requestwith the LPSC to extend the RSP to the in-service date of Cleco Power'sproposed solid-fuel power plant at Rodemacher Unit 3, targeted for completionin the fourth quarter of 2009.  The application is still being considered by the LPSC.  Preliminary testimony of the LPSC Staff consultants support the extension,with several modifications to the terms of the current RSP.  The consultant'stestimony recommends that beginning on October 1, 2006, the maximum allowed returnon equity that can be realized by Cleco Power will be decreased to 11.65%. This assumes a return on equity of 11.25%, with any earnings between 11.25% and12.25% shared between shareholders and customers in a 40/60 ratio,respectively, and all earnings over 12.25% returned to customers.  

On February 22, 2006, the LPSC approved aninterim rate increase to recover Cleco Power's storm restoration costs incurredfor Hurricane's Katrina and Rita.  The interim rate increase becomes effectiveupon the beginning of physical construction for Rodemacher Unit 3 (Phase I) andremains in effect until the LPSC completes a review to verify and approve thetotal amount of storm restoration costs to be recovered (Phase II), expected tobe completed in late 2006.  As part of this approval, the LPSC required thateffective immediately, any earnings above the current 12.25% allowed return onequity be credited against outstanding Katrina and Rita storm restorationcosts, rather than being shared 50/50 between shareholders and customers.  Thecredits against storm restoration costs will continue as long as interim relieffor storm costs is in place and until the actual amount of storm costs areverified and approved by the LPSC, expected by the fourth quarter of 2006.  Forinformation concerning Cleco Power's proposed solid-fuel power plant, see"Generation RFP" and - "Overview - Cleco Power" above. 

In January 2005, the LPSC opened a docket tostudy the rate structures of all classes of electric customers after receivingcomplaints that Louisiana's utility rates are too high to attract new businessto the state.  A class by class review of rates paid by residential, commercial,and industrial customers may be conducted in an effort to determine if oneclass of customers is subsidizing rates for another.  The timing of this reviewby the LPSC has not yet been determined, and its exploratory nature makes thepotential impact from such a review unknown at this time.

***IRP***

For information on Cleco Power's IRP team and itsevaluation of generation supply options, see Part I, Item 1, "Business - Operations- Cleco Power - Fuel and Purchased Power - Power Purchases."

***Wholesale Rates ofCleco***

Cleco's wholesale sales are regulated by the FERCvia cost-based and market-based tariffs.  Both Evangeline and Acadia havereceived approval by FERC to use market-based rates based on Cleco's initialrequest to FERC in 1999 for market-based rates and Cleco's demonstration of itslack of market power.  Cleco updates its filing every three years to demonstrateits lack of market power.  These tariffs, including the associated codes ofconduct accompanying them, are updated periodically to comply with FERC directives. Such an update 

51

was completed in December 2003 for each entity to comply with FERC'srequirement to amend market-based rates to add "market behavior rules" to thecodes of conduct.  Contracts utilizing market-based tariffs do not requireprior approval by FERC but are reported each quarter pursuant to FERC's requirementfor reporting of sales by authorized power marketers.

In April 2004, the FERC issued an order revisingthe methodology to be used in assessing whether a jurisdictional electricutility has generation market power, requiring a utility to pass a PivotalSupplier and a Market Share screening test as a condition for securing and/orretaining approval to sell electricity in wholesale markets at market-basedrates.  Cleco submitted its compliance filing on behalf of each of its authorizedpower marketing entities, Cleco Power, Evangeline, Marketing & Trading, andAcadia, under the revised methodology on December 21, 2004, indicating itpassed all the revised tests except for the Market Share test in Cleco Power'scontrol area for three of four seasonal periods.  Based on the results oftests, on May 25, 2005, the FERC issued an order instituting a proceedingunder Section 206 of the Federal Power Act to determine whether ClecoPower, Evangeline, and Acadia may continue to charge market-based rates forwholesale power in specified geographic areas.  In response to the FERC order,Cleco filed a Delivered Price Test analysis and a mitigation proposal toeliminate Cleco's ability to exercise market power.  On October 21, 2005, theFERC terminated the Section 206 investigation initiated on May 25, 2005,determining that Cleco had demonstrated a lack of market power in Cleco Power'scontrol area.  In the same Order, the FERC instituted a new proceeding underSection 206 due to an oversight by Cleco in filing previously requested informationsupporting Cleco's lack of market power in the Lafayette and LEPA controlareas.  On October 27, 2005, Cleco filed additional information supportingtermination by the FERC of this new Section 206 proceeding.  On February 16,2006, the FERC ruled that Cleco was in compliance with the FERC's generationmarket power standard in the Lafayette and LEPA control areas and terminatedthe Section 206 proceeding.

On September 16, 2005, the FERC issued a Noticeof Inquiry inviting comments on reforming FERC's pro forma OATT to ensure theprovision of transmission service is reasonable and not unduly discriminatoryor preferential.  The FERC is seeking responses to a series of specificquestions which could be incorporated into the revised OATT.  For additional informationon the risks associated with FERC's potential changes to the OATT, see Part I, Item1A, "Risk Factors - FERC Regulation."

***Franchises***

For information on franchises, see Part I, Item 1,"Business - Regulatory Matters, Industry Developments, and Franchises - Franchises."

**Market Restructuring**

***Wholesale ElectricMarkets***

The Energy Policy Act of 1992 (1992 Act)significantly changed U.S. energy policy, including rules and regulationsgoverning the electric utility industry.  The 1992 Act allows the FERC, on acase-by-case basis and with certain restrictions, to order wholesaletransmission access and to order electric utilities to expand theirtransmission systems.  The 1992 Act prohibits FERC-ordered retail wheeling,such as opening up electric utility transmission systems to allow customerchoice of energy suppliers at the retail level, including "sham" wholesaletransactions.  Further, under the 1992 Act, any FERC transmission orderrequiring a transmitting utility to provide wholesale transmission servicesmust include provisions that permit the utility to recover from the FERC applicantall of the costs incurred in connection with the transmission services,including any enlargement of the transmission system and any associatedservices.

In 1999, the FERC issued Order No. 2000,which established a general framework for all transmission-owning entities inthe nation to voluntarily place their transmission facilities under the controlof an appropriate RTO.  Although participation was voluntary, the FERC made itclear that any jurisdictional entity not participating in an RTO likely wouldbe subject to further regulatory directives.  These directives could take theform of review and/or denial of market-based rates for wholesale power sales. In July 2001, the FERC issued orders stating its intention to form fourregional RTOs covering the Northeast, Southeast, Midwest, and West.  The FERClater relaxed its mandate to participate in an RTO and to form the four RTOsbut continued to insist upon the large regional RTO model.  Since 2001, manytransmission-owning entities and system operators have been trying to interpretand implement FERC's directives by attempting to organize and/or join acceptableRTOs.  On February 10, 2004, FERC gave its approval of SPP's application forRTO recognition with a number of conditions that SPP had to meet before receivingfinal FERC-approved RTO status.  On October 1, 2004, FERC granted SPP status asan RTO.  Cleco Power continues to monitor and/or participate in the developmentof SPP's RTO activities.  

On April 1, 2004, Entergy filed at FERC to makepotentially significant modifications to its OATT.  The modifications wouldincorporate an independent third-party entity, the ICT, into its transmissionoperations, with the ICT having access to pertinent information regarding theEntergy transmission system.  On August 13, 2004, Entergy also applied to theLPSC to establish an ICT.  On March 22, 2005, FERC conditionally acceptedEntergy's ICT proposal and indicated its preference for SPP to function as theICT and perform specific functions to increase transparency across Entergy'sservice territory.  According to the terms of the order, on May 27, 2005,Entergy submitted a Section 205 filing with the FERC containing a more detaileddescription of the ICT duties and responsibilities.  Neither the FERC nor theLPSC has taken any further action on the requests and applications.  As withRTO 

52

developments at large, other various parties, including several statecommissions, utilities, and other industry participants, are participants inthe RTO and Entergy proceedings described above.  As both the SPP and Entergyproceedings could impact the ability to transport power into and out of theCleco control area, Cleco will continue monitoring developments in theseproceedings and plans to be a participant in these and all other proceedings affectingthe availability and sale of power in and around Louisiana.  

***Retail ElectricMarkets***

Cleco Power and a number of parties, includingother Louisiana electric utilities, certain power marketing companies, andvarious associations representing industry and consumers, have been participatingin electric industry restructuring activities before the LPSC since 1997.  During2000, the LPSC Staff developed a transition to competition plan that waspresented to the LPSC.  In November 2001, the LPSC directed its staff tomonitor neighboring jurisdictions and to report back the success or failure ofthose efforts 12 months after any such initiatives begin.  In September 2004,the LPSC reviewed a large customer retail choice pilot program study compiledby the Louisiana State University Center for Energy Studies.  The studyconcluded that retail customers 5 MW or larger could lower their electric coststhrough direct access to overbuilt regional electric markets.  The study alsoconcluded that there would be minimal negative impact to remaining customersbased on utilities' ability to avoid purchase power costs for existing largecustomers.  Cleco Power filed comments on the study in January 2005 stating thestudy's suggested savings were overstated, and the impact on remaining captivecustomers was understated.  In April 2005, the LPSC conducted a technicalconference to discuss retail choice for large customers.  At this time, Clecocannot predict whether any regulation enacting a large customer pilot programor otherwise affecting Cleco Power will be adopted and, if adopted, what formsuch legislation or regulation may take.  A potentially competitive environmentpresents both the opportunity to supply electricity to new customers and therisk of losing existing customers.  Cleco Power is striving to be able tocompete effectively should retail access be adopted at some future time inLouisiana.

In April 2002, the LPSC adopted order R-26172governing the way electric generation sources are to be solicited and testedversus self-build options of a utility.  Cleco Power conducted an RFP pursuantto this order during 2003.  In January 2004, the LPSC amended its prior orderto formally add the requirement that the soliciting utility employ anindependent monitor.  The independent monitor's role is to assure the RFPprocess is run fairly, that bidder data is treated confidentially, and that nopreference is afforded bids from affiliate companies of the utility or theutility's own self-build proposals.  For additional information on ClecoPower's RFP, see "- Regulatory Matters - Generation RFP."

Currently, the LPSC does not provide exclusiveservice territories for electric utilities under its jurisdiction.  Instead,retail service is obtained through a long-term nonexclusivefranchise.  The LPSC uses a "300-foot rule" for determining the supplier fornew customers.  The "300-foot rule" requires a customer to take service fromthe electric utility that is within 300 feet of the respective customer.  Ifthe customer is beyond 300 feet from any existing utility service, they maychoose their electric supplier.  The application of this rule has led to competitionwith neighboring utilities for retail customers at the borders of Cleco Power'sservice areas.  Such competition also may lead to complaints by competitorsthat Cleco Power has violated the 300-foot rule.  Several complaints have beenmade by cooperative competitors and, if the LPSC were to rule in favor of the competitors,Cleco Power may be fined.  Management does not believe any such fines wouldhave a material impact on Cleco Power's financial condition.  Cleco Power alsocompetes in its service area with suppliers of alternative forms of energy,some of which may be less costly than electricity for certain applications.  ClecoPower could experience some competition for electric sales to industrialcustomers in the form of cogeneration or from independent power producers.

For information on dual franchise attempts, seePart I, Item 1, "Business - Regulatory Matters, Industry Developments, and Franchises- Franchises."

***National Energy Policy***

The Energy Policy Act of 2005 was signed into lawon August 8, 2005.  Some of the areas addressed in the new energy legislationthat could affect Cleco include:
-  acceleratedtax depreciation for transmission and distribution lines and pollution controlfacilities;
-  extensionof tax credits for renewable energy resources;
-  investmentcredit for projects using advanced coal-based electricity generationtechnologies;
-  provisionsto create a mandatory reliability organization;
-  provisionsto make electric reliability rules mandatory on all users, owners, andoperators of the nation's transmission system;
-  provisionsto encourage investment in transmission infrastructure;
-  provisionsto streamline the federal permitting process for transmission projects;
-  provisionsthat would defer the recognition of gains on the sale of transmission assets toa FERC-approved RTO or Independent System Operator;
-  provisionsto offer all customer classes the option of a time-based rate schedule (time ofuse metering);
-  FERC'sactions concerning integrated utility market power;
-  limitedbackstop transmission siting authority for FERC;
-  reformof PURPA's mandatory purchase obligation; and
-  repealof PUHCA, which eliminates significant federal restrictions on the scope,structure, and ownership of electric and gas utility companies.

Many of the Energy Policy Act'sprovisions are the subject of rulemakings at FERC or other federal agencies.  Clecocannot predict what future legislation may be proposed and/or 

53

passed and whatimpact, if any, it may have upon the Registrants' results of operations orfinancial condition.

**Other Matters**

***Lignite Deferral***

In May 2001, Cleco Power signed a lignite contractwith the miner at the Dolet Hills mine.  As ordered by the LPSC in docketsU-21453, U-20925(SC), and U-22092(SC) (Subdocket G), retail ratepayers arereceiving fuel cost savings equal to 2% of the projected costs under theprevious mining contract through 2011.  Costs above 98% of the previouscontract's projected costs (the benchmark price) are deferred.  Deferred costswill be recovered from retail customers through the fuel adjustment clause whenthe actual costs of the new contract are below the benchmark price.  The benchmarkprice uses the GDP-IPD index as a proxy for the numerous escalators in theprevious contract.  However, the GDP-IPD index does not appropriately reflectthe increase in mining costs caused by sharp increases in diesel fuel andelectricity costs associated with the mining operation.  If mitigatingstrategies to correct the disconnect between the GDP-IPD index and actualmining costs are not implemented, then Cleco Power could be required to recognizean expense for future amounts instead of deferring them.  Cleco Power alsocould be required to expense a portion of the currently deferred amount. Mitigating strategies include, but are not limited to, obtaining regulatoryapproval for replacing the current GDP-IPD index with a more representativebenchmark price escalation.  Management anticipates filing for regulatoryapproval by the end of the first quarter 2006.  Currently, management expectsthe mitigating strategies to be implemented and current and future deferrals tobe collected.  

At December 31, 2005, and 2004, Cleco Power had$15.1 million and $11.4 million, respectively, in deferred costs remaining. Interest included in deferred costs is $0.7 million and $0.4 million for theyear ended December 31, 2005, and 2004, respectively.

**New Accounting Standards**

For discussion of new accounting standards, seeItem 8, "Financial Statements and Supplementary Data - Notes to the FinancialStatements - Note 2 - Summary ofSignificant Accounting Policies -Recent Accounting Standards."

54

**ITEM 7A.**     QUANTITATIVEAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

***RiskOverview***

Market riskinherent in Cleco's market risk-sensitive instruments and positions includes potential changes arising from changes ininterest rates and the commodity market prices of power and natural gas in theindustry on different energy exchanges.  Cleco is subject to market riskassociated with economic hedges relating to open gas contracts.  Cleco also is subject to market risk associatedwith its remaining tolling agreement counterparties.  For additionalinformation concerning Cleco's market risk associated with its remainingcounterparties, see Item 7, "Management's Discussion and Analysis of FinancialCondition and Results of Operations - Financial Condition - Liquidity andCapital Resources - General Considerations and Credit-Related Risks."

Cleco uses SFAS No. 133 to determine whether themarket risk-sensitive instruments and positions are required to bemarked-to-market.  Generally, Cleco Power's market risk-sensitive instrumentsand positions qualify for the normal-purchase, normal-sale exception tomark-to-market accounting of SFAS No. 133, as modified by SFAS No. 149, sinceCleco Power generally takes physical delivery and the instruments and positionsare used to satisfy customer requirements.  From time to time, Cleco could havepositions that are required to be marked-to-market, because they do not meetthe normal-purchase, normal-sale exception of SFAS No. 133.  Any positions formarketing and trading purposes that do not meet the exemptions of SFAS No. 133are marked-to-market, and the results are recorded in income.

Cleco's exposureto market risk, as discussed below, represents an estimate of possible changesin the fair value or future earnings that would occur, assuming possible futuremovements in the interest rates and commodity prices of power and natural gas. Management's views on market risk are not necessarily indicative of actualresults, nor do they represent the maximum possible gains or losses.  The viewsdo represent, within the parameters disclosed, what management estimates mayhappen.

Cleco monitorscredit risk exposure through review of counterparty credit quality,corporate-wide aggregate counterparty credit exposure and corporate-wideaggregate counterparty concentration levels.  Cleco actively manages theserisks by establishing appropriate credit and concentration limits ontransactions with counterparties and requiring contractual guarantees, cashdeposits or letters of credit from counterparties or their affiliates, asdeemed necessary.  Cleco Power has agreements in place with variouscounterparties that authorize the netting of financial buys and sells and contractpayments to mitigate credit risk for transactions entered into for risk managementpurposes.

**Interest Rate Risks**

Cleco has entered into various fixed- and variable-rate debtobligations.  For details, see Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 6 - Debt."  The calculations ofthe changes in fairmarket value and interest expense of the debt securities are made over aone-year period.

Cleco monitors its mix of fixed- and variable-ratedebt obligations in light of changing market conditions and from time to timemay alter that mix by, for example, refinancing balances outstanding under itsvariable-rate credit facilities with fixed-rate debt.

Sensitivity to changes in interest rates forfixed-rate obligations is computed by calculating the current fair market valueusing a net present value model based upon a 1% change in the average interestrate applicable to such debt.  Sensitivity to changes in interest rates forvariable-rate obligations is computed by assuming a 1% change in the currentinterest rate applicable to such debt.

As of December31, 2005, the carrying value of Cleco's long-term fixed-rate debt wasapproximately $649.6 million, with a fair market value of approximately $665.2million.  Fair value was determined using quoted market prices.  Each 1.0% increaseor decrease in the average interest rates applicable to such debt would resultin a corresponding decrease or increase, respectively, of approximately $6.7million in the fair values of these instruments.  If these instruments are heldto maturity, no change in stated value will be realized.

As of December 31, 2005, Cleco had no long-term or short-term,variable-rate debt; therefore, each 1% change in the average interest ratesapplicable to such debt would result in no change in the pre-tax earnings ofCleco.  

Cleco Corporation entered into two $50.0 million fixed-to-floatinginterest rate swaps on February 20, 2004, and May 3, 2004, respectively, involvingits 8.75% Senior Notes.  Under the swaps, the 8.75% fixed-rate on the SeniorNotes was swapped for floating rate exposure based on the six-month LIBOR onthe last day of each calculation period, plus agreed upon spreads of 6.615% and6.03%, respectively, on the $50.0 million notional amounts associated with eachof the swaps.  A net settlement amount was paid semi-annually on June 1 andDecember 1.  The fixed-rate debt matured, and the interest rate swapsterminated on June 1, 2005.  For the year ended December 31, 2005, ClecoCorporation paid the swap counterparty a net settlement amount of $0.6 million.

**Commodity Price Risks**

Management believes Cleco has controls in place tominimize the risks involved in its financial and energy commodity activities. Independent controls over energy commodity functions consist of a middle office(risk management), a back office (accounting), regulatory compliance staff, aswell as, oversight by a risk management committee comprised of officers andmanagers, and a daily risk report that shows VAR and current market conditions. Cleco's Board of Directors appoints the members of the Risk ManagementCommittee.  VAR limits are established and monitored by the Risk ManagementCommittee.

Cleco's financialpositions that are not used to meet the power demands of customers, consideredspeculative  

55

positions, are marked-to-market as required by SFAS No. 133 with the resultinggain or loss recorded on the income statement as a component of operatingrevenue, net.  There were no speculative positions at December 31, 2005, and December31, 2004.  However, during 2005, Cleco Power entered into certain financialhedge transactions it considers economic hedges to mitigate the risk associatedwith the fixed-price power that will be provided to a new wholesale customerthrough December 2010.  These transactions are derivatives as defined by SFASNo. 133 but do not meet the accounting criteria to be considered hedges.  Thesetransactions are marked-to-market with the resulting gain or loss recorded onthe income statement as a component of operating revenue, net.  At December 31,2005, there was a net mark-to-market gain of $5.3 million and a realizedgain of $0.1 million related to these economic hedge transactions.  Cleco Poweranticipates that a large portion of the mark-to-market gains will be offset bylosses in future periods as Cleco Power purchases gas or power to meet its contractualobligations.  In light of these economic hedge transactions, volatility innatural gas prices will likely cause fluctuations in Cleco Power's future earnings.

Cleco Power provides fuel for generation andpurchases power to meet the power demands of customers.  Cleco Power hasentered into positions to mitigate some of the volatility in fuel costs passedon to customers as encouraged by an LPSC order.  In December 2004, Cleco Powerimplemented a fuel stabilization policy (which was filed with the LPSC) totarget higher levels of minimum hedging percentages.  This procedure changecould result in larger volatility in the marked-to-market amounts for thefinancial positions to mitigate fuel cost volatility for Cleco Powercustomers.  These positions are marked-to-market with the resulting gain orloss recorded on the balance sheet as a component of the accumulated deferredfuel asset or liability and a component of the risk management assets orliabilities.  When these positions close, actual gains or losses will be included inthe fuel adjustment clause andreflected on customers' bills.  Based on market prices atDecember 31, 2005, the net mark-to-market impact related to these positions wasa gain of $8.7 million.

Cleco utilizes a VAR model to assess the marketrisk of its trading portfolios, including derivative financial instruments.  VARrepresents the potential loss in fair values for an instrument from adversechanges in market factors for a specified period of time and confidence level. The VAR is estimated using a historical simulation calculated daily assuming aholding period of one day, with a 95% confidence level for natural gas andpower positions.  Total volatility is based on historical, implied market, and currentcash volatility assessments.

Based on these assumptions, the high, low, andaverage VAR for 2005, as well as the VAR at December 31, 2005, and 2004, aresummarized below:
 
**FOR  THE YEAR ENDED DECEMBER 31, 2005**
     
          AT DECEMBER 31,

(THOUSANDS)

**           HIGH**

** **

**          LOW**

** **

**      AVERAGE**

**           2005**

       2004

Cleco Power

** $ 448.8**

** $       -**

** $ 212.7**

**$ 442.0**

   $        -

All openpositions were transacted by Cleco Power.  The increase in VAR at December 31,2005, compared to December 31, 2004, is primarily due to Cleco Power's economichedging activity.  Under Cleco's VAR model, changes in market value of open positionsin excess of $0.2 million over Cleco's estimated VAR are material.  During2005, there were no such negative instances.

The following table summarizes themarket value maturities of open gas and power purchase contracts at December31, 2005.  All contracts were transacted by Cleco Power.

  (THOUSANDS)

      MATURITY     LESS THAN       ONE YEAR

      MATURITY        1-3 YEARS

      MATURITY   OVER THREE                 YEARS

            TOTAL               FAIR              VALUE

Assets

   $   12,508

   $               -

   $               -

   $   12,508

Liabilities

   $   92,382

   $     10,509

   $       8,382

   $ 111,273

For additional information on the marketvalue maturities of contracts, see Item 8, "Financial Statements and SupplementaryData - Notes to the Financial Statements - Note 5 - Fair Value of FinancialInstruments."

***Cleco Power***

Please refer to "- Risk Overview" above for adiscussion of market risk inherent in Cleco Power's market risk-sensitive instruments.

Cleco Power has entered into various fixed- andvariable-rate debt obligations.  For details, see Item 8, "Financial Statementsand Supplementary Data - Notes to the Financial Statements - Note 6 - Debt."  Pleaserefer to "- Interest Rate Risks" above for a discussion of how Cleco Power monitorsits mix of fixed- and variable-rate debt obligations and the manner ofcalculating changes in fair market value and interest expense of its debtobligations.  

As of December31, 2005, the carrying value of Cleco Power's long-term fixed-rate debt wasapproximately $549.6 million, with a fair market value of approximately $562.0million.  Fair value was determined using quoted market prices.  Each 1.0% increaseor decrease in the average interest rates applicable to such debt would resultin a corresponding decrease or increase, respectively, of approximately $5.6million in the fair values of these instruments.  If these instruments are heldto maturity, no change in stated value will be realized.  As of December31, 2005, Cleco Power had no long-term orshort-term variable-rate debt.  

Please refer to "- CommodityPrice Risks" above for a discussion of controls, transactions, VAR, and marketvalue maturities associated with Cleco Power's energy commodity activities. 

56

**ITEM 8.  **     FINANCIALSTATEMENTS AND SUPPLEMENTARY DATA

Report of Independent RegisteredPublic Accounting Firm

To the Shareholders and Board

of Directors ofCleco Corporation:

We have completed integrated audits of ClecoCorporation's 2005 and 2004 consolidated financial statements and of its internalcontrol over financial reporting as of December 31, 2005, and an audit of its2003 consolidated financial statements in accordance with the standards of thePublic Company Accounting Oversight Board (United States).  Our opinions, basedon our audits, are presented below.

Consolidated financial statements andfinancial statement schedules

In our opinion, the consolidated financialstatements listed in the index appearing under Item 15(a)(1) present fairly, inall material respects, the financial position of Cleco Corporation and itssubsidiaries at December 31, 2005 and 2004, and the results of their operationsand their cash flows for each of the three years in the period ended December31, 2005 in conformity with accounting principles generally accepted in theUnited States of America.  In addition, in our opinion, the financial statementschedules listed in the index appearing under Item 15(a)(2) present fairly, inall material respects, the information set forth therein when read inconjunction with the related consolidated financial statements.  Thesefinancial statements and financial statement schedules are the responsibilityof the Company's management.  Our responsibility is to express an opinion onthese financial statements and financial statement schedules based on ouraudits.  We conducted our audits of these statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement.  An audit of financial statements includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statementpresentation.  We believe that our audits provide a reasonable basis for ouropinion.

Internal control over financial reporting

Also, in our opinion, management's assessment,included in Management's Report on Internal Control Over Financial Reportingappearing under Item 8, that the Company maintained effective internal controlover financial reporting as of December 31, 2005 based on criteria establishedin *Internal Control - Integrated Framework* issued by the Committee ofSponsoring Organizations of the Treadway Commission (COSO), is fairly stated,in all material respects, based on those criteria.  Furthermore, in ouropinion, the Company maintained, in all material respects, effective internalcontrol over financial reporting as of December 31, 2005, based on criteriaestablished in *Internal Control - Integrated Framework* issued by the COSO.  TheCompany's management is responsible for maintaining effective internal controlover financial reporting and for its assessment of the effectiveness ofinternal control over financial reporting.  Our responsibility is to expressopinions on management's assessment and on the effectiveness of the Company'sinternal control over financial reporting based on our audit. We conducted ouraudit of internal control over financial reporting in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonableassurance about whether effective internal control over financial reporting wasmaintained in all material respects.  An audit of internal control overfinancial reporting includes obtaining an understanding of internal controlover financial reporting, evaluating management's assessment, testing andevaluating the design and operating effectiveness of internal control, andperforming such other procedures as we consider necessary in thecircumstances.  We believe that our audit provides a reasonable basis for ouropinions.

A company's internal control over financialreporting is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statementsfor external purposes in accordance with generally accepted accountingprinciples.  A company's internal control over financial reporting includesthose policies and procedures that (i) pertain to the maintenance ofrecords that, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the company; (ii) providereasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directorsof the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition, use, or dispositionof the company's assets that could have a material effect on the financialstatements. 

Because of its inherent limitations, internalcontrol over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods aresubject to the risk that controls may become inadequate because of changes inconditions, or that the degree of compliance with the policies or proceduresmay deteriorate.

/s/  PricewaterhouseCoopers LLP

New Orleans, Louisiana

February 28, 2006

57

Management'sReport on Internal Control Over Financial Reporting

The management of Cleco Corporation is responsiblefor establishing and maintaining adequate internal control over financialreporting, as such term is defined in the rules promulgated under theSecurities Exchange Act of 1934.  Cleco Corporation's internal control over financialreporting is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statementsfor external purposes in accordance with accounting principles generallyaccepted in the United States of America. 

Because of its inherent limitations, internalcontrol over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods aresubject to the risk that controls may become inadequate because of changes inconditions, or that the degree of compliance with the policies or proceduresmay deteriorate.

Cleco Corporation's management conducted an assessmentof the effectiveness of Cleco Corporation's internal control over financialreporting as of December 31, 2005.  In making this assessment, management usedthe criteria in Internal Control-Integrated Framework issued by the Committeeof Sponsoring Organizations of the Treadway Commission.  Based on thisassessment, Cleco Corporation's management concluded that, as of December 31,2005, Cleco Corporation's internal control over financial reporting was effective.

Management's assessment of the effectiveness ofCleco Corporation's internal control over financial reporting as of December31, 2005, has been audited by PricewaterhouseCoopers LLP, an independentregistered public accounting firm, as stated in their report which appears onpage 57 of this Annual Report on Form 10-K.

58

CLECO CORPORATION

Consolidated Statements of Operations

                                                  FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS,  EXCEPT SHARE AND PER SHARE AMOUNTS)

**                      2005**

** **

                      2004

                      2003

**Operating revenue**

     Electric operations

** $   874,557**

   $         718,151

   $         676,002

     Tolling operations

**                   -**

                 10,255

                 98,726

     Other operations

**         38,710**

                 30,533

                 30,286

     Affiliate revenue

**           7,879**

                   7,767

                            -

          Gross operating revenue

**       921,146**

              766,706

              805,014

               Electric customer credits

**             (992)**

               (20,889)

                  (1,562)

          Operating revenue, net

**       920,154**

              745,817

              803,452

**Operating expenses**

     Fuel used for electric generation

**       197,915**

              153,750

              163,769

     Power purchased for utility customers

**       376,561**

              267,371

              231,839

     Other operations

**         88,234**

                 83,816

                 95,464

     Maintenance

**         46,517**

                 40,917

                 60,479

     Depreciation

**         60,330**

                 59,930

                 76,318

     Impairments of long-lived assets

**                   -**

                            -

              147,993

     Taxes other than income taxes

**         41,069**

                 38,895

                 39,137

     Gain on sales of assets

**         (2,206)**

                            -

                            -

          Total operating expenses

**       808,420**

              644,679

              814,999

**Operating income (loss)**

**       111,734**

              101,138

               (11,547)

Interest income

**           5,310**

                   3,956

                   2,371

Allowance for other funds used during  construction

**           2,349**

                   3,723

                   2,741

Equity income from investees

**       218,441**

                 47,250

                 31,391

Other income

**           4,567**

                   2,520

                   3,836

Other expense

**         (2,937)**

                  (4,398)

                  (9,188)

**Interest charges**

     Interest charges, including amortization of  debt expenses, premium and discount, net of capitalized interest

**         41,438**

                 53,451

                 71,602

     Allowance for borrowed funds used during  construction

**             (903)**

                  (1,245)

                     (813)

          Total interest charges

**         40,535**

                 52,206

                 70,789

**Income (loss) from continuing operations  before income taxes**

**       298,929**

              101,983

               (51,185)

Federal and state income tax expense (benefit)

**       115,951**

                 35,864

               (21,417)

**Income (loss) from continuing operations**

**       182,978**

                 66,119

               (29,768)

**Discontinued operations**

     Loss from discontinued operations, net of  tax

**             (334)**

                  (1,615)

                  (5,161)

     Gain from disposal of segment, net of tax

**                   -**

                   1,685

                            -

          Total (loss) income from discontinued  operations

**             (334)**

                         70

                  (5,161)

**Net income (loss)**

**       182,644**

                 66,189

               (34,929)

Preferred dividends requirements, net

**           1,865**

                   2,216

                   1,861

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

** $   180,779**

   $            63,973

   $          (36,790)

**Average shares of common stock outstanding**

     Basic

** 49,486,790**

        47,371,319

        46,820,058

     Diluted

** 51,760,220**

        47,528,886

        46,820,058

**Basic earnings (loss) per share**

     From continuing operations

** $          3.54**

   $                1.33

   $             (0.68)

     From discontinued operations

** $                -**

   $                      -

   $             (0.11)

     Net income (loss) applicable to common stock

** $          3.54**

   $                1.33

   $             (0.79)

**Diluted earnings (loss) per share**

     From continuing operations

** $          3.53**

   $                1.32

   $             (0.68)

     From discontinued operations

** $                -**

   $                      -

   $             (0.11)

     Net income (loss) applicable to common stock

** $          3.53**

   $                1.32

   $             (0.79)

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

** $        0.900**

   $              0.900

   $              0.900

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

59

CLECO CORPORATION

Consolidated Balance Sheets

                                                   AT DECEMBER 31,

(THOUSANDS)

**                           2005**

** **

                           2004

**Assets**

     Current assets

          Cash and cash equivalents

** $      219,153**

   $              123,787

          Customer accounts receivable (less  allowance for doubtful accounts of $1,262 in 2005 and $506 in 2004)

**            54,768**

                     34,468

          Accounts receivable - affiliate

**              1,071**

                        2,276

          Other accounts receivable  

**            33,911**

                     23,562

          Unbilled revenue

**            17,878**

                     17,256

          Fuel inventory, at average cost

**            21,313**

                     21,132

          Material and supplies inventory, at  average cost

**            24,289**

                     16,609

          Risk management assets

**            10,110**

                              84

          Accumulated deferred federal and state  income taxes, net

**                      -**

                        4,767

          Accumulated deferred fuel

**            23,165**

                     13,997

          Cash surrender value of company-/trust-owned  life insurance policies

**            22,888**

                     19,170

          Margin deposits

**                      -**

                        5,159

          Prepayments

**              3,344**

                        4,023

          Other current assets

**              2,578**

                        1,476

               Total current assets

**          434,468**

                   287,766

     Property, plant and equipment

          Property, plant and equipment

**      1,836,973**

               1,733,970

          Accumulated depreciation

**        (804,323)**

                 (781,925)

          Net property, plant and equipment

**      1,032,650**

                   952,045

          Construction work in progress

**          156,053**

                   108,000

               Total property, plant and  equipment, net

**      1,188,703**

               1,060,045

     Equity investment in investees

**          317,762**

                   314,284

     Prepayments

**              5,961**

                        6,568

     Restricted cash

**                   87**

                              93

     Regulatory assets and liabilities - deferred  taxes, net  

**            90,960**

                     92,864

     Regulatory assets - other

**            53,439**

                     26,327

     Other deferred charges

**            58,108**

                     49,116

       **   Total assets**

** $   2,149,488**

   $          1,837,063

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

**                      **

(Continued on nextpage)

60

CLECO CORPORATION

Consolidated Balance Sheets(Continued)

                             AT  DECEMBER 31,

(THOUSANDS)

**                 2005**

** **

                 2004

**Liabilities and shareholders' equity**

**   Liabilities**

          Current liabilities

               Long-term debt due within one year

** $        40,000**

   $              160,000

               Accounts payable

**          143,692**

                     75,770

               Retainage

**                 768**

                              50

               Accrued payroll

**              2,875**

                        2,693

               Accounts payable - affiliate

**              3,439**

                     18,634

               Customer deposits

**            23,436**

                     22,654

               Provision for rate refund

**              7,927**

                     23,951

               Taxes accrued

**            35,475**

                     16,323

               Interest accrued

**              9,167**

                        9,572

               Accumulated current deferred  taxes, net

**            17,402**

                                 -

               Margin deposits

**              4,316**

                                 -

               Other current liabilities

**              5,607**

                        8,030

          Total current liabilities

**          294,104**

                   337,677

     Deferred credits

          Accumulated deferred federal and state  income taxes, net

**          449,129**

                   368,846

          Accumulated deferred investment tax  credits

**            15,632**

                     17,303

          Other deferred credits

**            74,717**

                   101,621

               Total deferred credits

**          539,478**

                   487,770

     Long-term debt, net  

**          609,643**

                   450,552

               Total liabilities

**      1,443,225**

               1,275,999

Commitments and Contingencies (Note 15)

**Shareholders' equity**

          Preferred stock

          Not subject to mandatory redemption,  $100 par value, authorized 1,491,900 shares, issued 218,170 and 234,160  shares at December 31, 2005 and 2004, respectively

**            21,817**

                     23,416

          Deferred compensation related to  preferred stock held by ESOP

**            (1,783)**

                      (4,190)

               Total preferred stock not subject  to mandatory redemption

**            20,034**

                     19,226

     Common shareholders' equity

          Common stock, $1 par value, authorized  100,000,000 shares, issued 50,030,035 and 49,667,861 shares at December 31,  2005 and  2004, respectively

**            50,030**

                     49,668

          Premium on common stock

**202,416**

                   194,055

          Retained earnings

**443,912**

                   308,003

          Unearned compensation

**(5,285)**

                      (5,733)

          Treasury stock, at cost 36,644 and 44,275  shares at December 31, 2005 and 2004, respectively

**(714)**

                          (887)

          Accumulated other comprehensive loss

**(4,130)**

                      (3,268)

               Total common shareholders' equity

**686,229**

                   541,838

                   Total shareholders' equity

**706,263**

                   561,064

**Total liabilities and shareholders' equity**

** $   2,149,488**

   $          1,837,063

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

61

CLECO CORPORATION

Consolidated Statements of CashFlows

                                                  FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                     2005**

** **

                      2004

                      2003

**Operating activities**

     Net income (loss)

** $  182,644**

   $           66,189

   $          (34,929)

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

          Gain on disposal of segment, net of tax

**                  -**

                 (1,685)

                            -

          Depreciation and amortization

**        65,010**

                64,832

                 82,501

          Gain on sales of property, plant and  equipment

**         (2,206)**

                            -

                            -

          Evangeline warranty settlement

**                  -**

                            -

                   8,649

          Provision for doubtful accounts

**          3,278**

                   1,610

                 17,407

          Return on equity investment in investee

**      129,267**

                42,602

                 34,525

          Income from equity investments

**     (218,441)**

               (47,538)

               (31,631)

          Unearned compensation expense

**          6,611**

                   2,092

                  (1,558)

          Allowance for other funds used during  construction

**         (2,349)**

                 (3,723)

                  (2,741)

          Amortization of investment tax credits

**         (1,671)**

                 (1,712)

                  (1,729)

          Net deferred income taxes  

**      105,039**

                30,248

                  (6,264)

          Deferred fuel costs  

**       (21,544)**

               (17,560)

                       237

          Gain on economic hedges

**         (5,262)**

                            -

                            -

          Impairments of long-lived assets

**                  -**

                   1,100

              156,250

          Cash surrender value of company-/trust-owned  life insurance

**            (806)**

                 (1,540)

                       424

          Changes in assets and liabilities:

               Accounts receivable, net

**       (54,559)**

               (12,121)

                   6,453

               Accounts and notes receivable,  affiliate 

**          1,205**

               (14,954)

                            -

               Unbilled revenue

**            (622)**

                   6,402

                  (3,650)

               Fuel, materials and supplies  inventory

**         (7,861)**

                 (7,786)

                  (5,342)

               Prepayments

**          1,338**

                   1,556

                  (2,043)

               Accounts payable

**        33,579**

                 (3,840)

               (22,036)

               Accounts and notes payable,  affiliate

**       (15,190)**

                16,005

                            -

               Customer deposits

**          5,392**

                   5,109

                   4,008

               Long-term receivable

**                  -**

                 (2,206)

                  (4,331)

               Regulatory assets and liabilities,  net

**       (22,479)**

                 (1,623)

                  (3,492)

               Other deferred accounts

**          1,618**

                25,328

                   8,513

               Retainage payable

**             719**

                 (7,575)

                            -

               Taxes accrued

**        56,977**

                36,700

                   1,480

               Interest accrued

**             327**

                 (3,567)

                       121

               Margin deposits

**        11,020**

                 (4,682)

                     (159)

               Other, net

**         (1,303)**

                 (1,059)

                  (1,727)

          Net cash provided by operating  activities

**      249,731**

              166,602

              198,936

**Investing activities**

     Additions to property, plant and equipment

**     (159,393)**

               (79,873)

               (74,511)

     Allowance for other funds used during  construction

**          2,349**

                   3,723

                   2,741

     Proceeds from sale of property, plant and  equipment

**          2,801**

                      271

                       316

     Proceeds from disposal of segment

**                  -**

                10,426

                            -

     Return of equity investment in investee

**        12,097**

                   7,054

                   6,043

     Investment in cost method investments

**         (1,385)**

                 (5,485)

                            -

     Equity investment in investee

**              (20)**

                            -

                            -

     Premiums paid on company-/trust-owned life  insurance

**         (3,696)**

                 (6,923)

                  (2,716)

     Transfer of cash from restricted accounts

**                 7**

                10,178

                 12,406

          Net cash used in investing activities

**     (147,240)**

               (60,629)

               (55,721)

(Continued on nextpage)

62

CLECO CORPORATION

Consolidated Statements of CashFlows (Continued)

                                                  FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                     2005**

** **

                      2004

                      2003

**Financing activities**

     Sale of common stock, net

** $                -**

   $           35,705

   $                       -

     Conversion of options to common stock

**          2,649**

                      383

                       120

     Issuance of common stock under employee  stock purchase plan

**                  -**

                            -

                        (44)

     Repurchase of common stock

**                  -**

                            -

                        (67)

     Change in short-term debt, net

**                  -**

               (67,750)

             (250,211)

     Retirement of long-term obligations

**     (200,116)**

                 (2,541)

                (41,470)

     Issuance of long-term debt

**      238,715**

                            -

              175,000

     Deferred financing costs

**         (3,223)**

                            -

                  (2,474)

     Change in ESOP trust  

**          1,635**

                   1,753

                   1,328

     Dividends paid on preferred stock

**         (1,915)**

                 (2,350)

                  (1,861)

     Dividends paid on common stock  

**       (44,870)**

               (42,767)

               (42,486)

          Net cash used in financing activities

**         (7,125)**

               (77,567)

             (162,165)

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

**        95,366**

                28,406

               (18,950)

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

**      123,787**

                95,381

              114,331

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

** $   219,153**

   $         123,787

   $            95,381

**Supplementary cash flow information**

     Interest paid (net of amount capitalized)

** $     38,517**

   $           54,619

   $            68,004

     Income taxes paid/(received)

** $          530**

   $        (42,056)

   $         (25,567)

**Supplementary noncash financing activities**

Accrued additions to property, plant and  equipment not reported above

** $     28,000**

   $                     -

   $                     -

Capital lease not included in additions to  property, plant and equipment above

** $          555**

   $                     -

   $                     -

Issuance of treasury stock - LTICP and ESOP plans

** $          173**

   $             1,492

   $             2,734

Issuance of common stock - LTICP/ESOP/ESPP (1)

** $       2,820**

   $             4,784

   $                     -

(1)       Includes conversion of preferred stock to common  stock ($1,599/2005, $1,908/2004) 

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

63

CLECO CORPORATION

Consolidated Statements ofComprehensive Income

                        FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                        2005**

** **

                      2004

                      2003

Net income (loss)

** $    182,644**

   $           66,189

   $          (34,929)

Other comprehensive income (loss), net of tax:

     Net unrealized income from limited  partnership (net of tax (benefit) expense of $(159) in 2005, $91 in 2004 and  $68 in 2003)

**               159**

                      146

                       109

     Net unrealized (loss) gain from  available-for-sale securities (net of tax (benefit) expense of $(21) in 2005,  $46 in      2004 and $29 in 2003)

**                (33)**

                         73

                         47

     (Recognition) reduction of additional  minimum pension liability (net of tax (benefit) expense of $(618) in 2005, $183  in      2004 and $(689) in 2003)

**              (988)**

                      293

                 (1,102)

Comprehensive (loss) income 

**              (862)**

                      512

                     (946)

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

** $    181,782**

   $           66,701

   $          (35,875)

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

 

Consolidated Statements of Changesin Common Shareholders' Equity

ACCUMULATED

PREMIUM
OTHER

             TOTAL

                            COMMON STOCK

UNEARNED

  ON COMMON

RETAINED

       TREASURY  STOCK

COMPREHENSIVE

COMMON

(THOUSANDS, EXCEPT SHARE  AMOUNTS)

          SHARES

         AMOUNT

COMPENSATION

             STOCK

EARNINGS

          SHARES

              COST

LOSS

           EQUITY

**BALANCE, JANUARY 1, 2003**

47,065,152

   $     47,065

   $                      -

   $ 152,745

   $ 366,073

       (29,959)

   $        (579)

   $             (2,834)

   $ 562,470

Common stock issued for  compensatory plans

       233,967

                234

           2,247

           2,481

Incentive shares forfeited

       (91,022)

          (2,022)

          (2,022)

Issuance of treasury stock

                (64)

           5,497

               108

                 44

Dividend requirements,  preferred stock, net

          (1,861)

          (1,861)

Cash dividends, common stock,   $0.900 per share

       (42,486)

       (42,486)

Net loss

       (34,929)

       (34,929)

Other comprehensive income, net of tax

                      (946)

             (946)

**BALANCE, DECEMBER 31, 2003**

47,299,119

          47,299

                           -

      154,928

      286,797

     (115,484)

          (2,493)

                  (3,780)

      482,751

Issuance of common stock

    2,000,000

            2,000

         33,705

         35,705

Common stock issued for   compensatory plans

          368,742

                  369

             5,548

             5,917

Issuance of treasury stock

                 50

         91,640

           2,018

           2,068

Unearned compensation (LTICP)

               (5,733)

          (5,733)

Incentive shares forfeited

       (20,431)

             (412)

             (412)

Common stock issuance costs

             (176)

             (176)

Dividend requirements,  preferred stock, net

          (2,216)

          (2,216)

Cash dividends, common stock,   $0.900 per share

       (42,767)

       (42,767)

Net income

         66,189

         66,189

Other comprehensive income, net of tax

                       512

               512

**BALANCE, DECEMBER 31, 2004**

      49,667,861

          49,668

                (5,733)

      194,055

      308,003

        (44,275)

             (887)

                  (3,268)

      541,838

Common stock issued for   compensatory plans

          362,174

                  362

           8,362

              8,724

Issuance of treasury stock

                    1

      128,612

                 92

                 93

Unearned compensation (LTICP)

                     448

               448

Incentive shares forfeited

     (120,981)

                 81

                 81

Common stock issuance costs

                  (2)

                  (2)

Dividend requirements,  preferred stock, net

          (1,865)

          (1,865)

Cash dividends, common stock,   $0.900 per share

       (44,870)

       (44,870)

Net income

      182,644

      182,644

Other comprehensive income, net of tax

                      (862)

             (862)

**BALANCE, DECEMBER 31, 2005**

      50,030,035

   $     50,030

   $          (5,285)

   $ 202,416

   $ 443,912

        (36,644)

   $        (714)

   $             (4,130)

   $ 686,229

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

64

Report of Independent Registered Public Accounting Firm

To the Member and Board of Managers of Cleco Power LLC:

In our opinion, the financial statements inthe index appearing under Item 15(a)(1) present fairly, in all material respects,the financial position of Cleco Power LLC at December 31, 2005 and 2004, andthe results of its operations and its cash flows for each of the three years inthe period ended December 31, 2005 in conformity with accounting principlesgenerally accepted in the United States of America.  In addition, in ouropinion, the financial statement schedule listed in the index appearing underItem 15(a)(2) presents fairly, in all material aspects, the information setforth therein when read in conjunction with the related financial statements. These financial statements and financial statement schedule are the responsibilityof the Company's management.  Our responsibility is to express an opinion onthese financial statements and financial statement schedule based on ouraudits.  We conducted our audits of these statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amountsand disclosures in the financial statements, assessing the accounting principlesused and significant estimates made by management, and evaluating the overallfinancial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

/s/  PricewaterhouseCoopers LLP

New Orleans, Louisiana

February 28, 2006

65

CLECO POWER

Statements of Income

                                                  FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                      2005**

** **

                      2004

** **

                      2003

**Operating revenue**

** **

     Electric operations

** $   874,557**

   $         718,151

* *

   $         676,002

     Other operations

**         38,357**

                 30,165

* *

                 30,639

     Affiliate revenue

**           2,051**

                   1,882

* *

                   2,209

          Gross operating revenue

**       914,965**

              750,198

* *

              708,850

               Electric customer credits

**             (992)**

               (20,889)

* *

                  (1,562)

          Operating revenue, net

**       913,973**

              729,309

* *

              707,288

**Operating expenses**

* *

     Fuel used for electric generation

**       197,915**

              154,043

* *

              163,869

     Power purchased for utility customers

**       376,561**

              267,371

* *

              230,691

     Other operations

**         83,209**

                 73,969

* *

                 62,427

     Maintenance

**         43,238**

                 36,329

* *

                 44,542

     Depreciation

**         58,696**

                 56,731

* *

                 54,084

     Taxes other than income taxes

**         38,508**

                 36,735

* *

                 37,062

     Gain on sales of assets

**         (2,206)**

                            -

* *

                            -

          Total operating expenses

**       795,921**

              625,178

* *

              592,675

**Operating income**

**       118,052**

              104,131

* *

              114,613

Interest income

**           4,355**

                   3,561

* *

                   1,335

Allowance for other funds used during construction

**           2,349**

                   3,723

* *

                   2,741

Other income

**           2,081**

                   2,265

* *

                   4,714

Other expense

**         (2,668)**

                  (5,342)

* *

                  (7,775)

**Interest charges**

* *

     Interest charges, including amortization of  debt expenses, premium and discount

**         28,496**

                 29,689

* *

                 29,587

     Allowance for borrowed funds used during  construction

**             (903)**

                  (1,244)

* *

                     (813)

          Total interest charges

**         27,593**

                 28,445

* *

                 28,774

**Income before income taxes**

**         96,576**

                 79,893

* *

                 86,854

Federal and state income taxes

**        37,495**

                 27,691

* *

                 29,846

**Net income**

** $     59,081**

   $            52,202

* *

   $            57,008

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

66

CLECO POWER

Balance Sheets

                                                     AT DECEMBER 31,

(THOUSANDS)

**                             2005**

** **

                             2004

**Assets**

** **

     Utility plant and equipment

          Property, plant and equipment

** $    1,822,798**

   $            1,721,752

          Accumulated depreciation

**          (797,690)**

                   (776,925)

          Net property, plant and equipment

**        1,025,108**

                     944,827

          Construction work in progress

**           155,427**

                     106,368

               Total utility plant, net

**        1,180,535**

                 1,051,195

     Current assets

          Cash and cash equivalents

**           183,381**

                       54,113

          Customer accounts receivable (less  allowance for doubtful accounts of $1,262 in 2005 and $506 in 2004)

**             54,768**

                       34,468

          Other accounts receivable

**             31,690**

                       21,460

          Accounts receivable - affiliate

**               4,530**

                          5,208

          Unbilled revenue

**             17,878**

                       17,256

          Fuel inventory, at average cost

**             21,313**

                       21,132

          Material and supplies inventory, at  average cost

**             24,289**

                       16,609

          Margin deposits

**                       -**

                          5,159

          Risk management assets

**             10,110**

                                84

          Prepayments

**               2,460**

                          2,897

          Accumulated deferred fuel

**             23,165**

                       13,997

          Accumulated deferred federal and state  income taxes, net

**                       -**

                          4,247

          Cash surrender value of life insurance  policies

**               5,143**

                          4,880

          Other current assets

**                  512**

                             464

               Total current assets

**           379,239**

                     201,974

     Prepayments

**               5,961**

                          6,568

     Regulatory assets and liabilities - deferred  taxes, net

**             90,960**

                       92,864

     Regulatory assets - other

**             53,439**

                       26,327

Other deferred charges

**             55,800**

                       46,460

**Total assets**

**        1,765,934**

                 1,425,388

**Liabilities and member's equity**

     Member's equity

** $       534,210**

   $                453,457

     Long-term debt

**           509,643**

                     350,552

          Total capitalization

**        1,043,853**

                     804,009

Current liabilities

     Long-term debt due within one year

**             40,000**

                       60,000

     Accounts payable

**           135,342**

                       68,630

     Accounts payable - affiliate

**               8,122**

                          8,075

     Customer deposits

**             23,436**

                       22,637

     Provision for rate refund

**               7,927**

                       23,951

     Taxes accrued

**             12,149**

                       20,709

     Interest accrued

**               8,001**

                          7,621

     Accumulated current deferred taxes, net

**             18,033**

                                   -

     Margin deposits

**               4,316**

                                   -

     Other current liabilities

**               3,815**

                          6,253

               Total current liabilities

**           261,141**

                     217,876

Deferred credits

     Accumulated deferred federal and state  income taxes, net

**           390,906**

                     339,060

     Accumulated deferred investment tax credits

**             15,632**

                       17,303

     Other deferred credits

**             54,402**

                       47,140

               Total deferred credits

**           460,940**

                     403,503

**Total liabilities and member's equity**

** $    1,765,934**

   $            1,425,388

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

67

CLECO POWER

Statements of Cash Flows

**                                                 **FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                      2005**

** **

                      2004

                      2003

**Operating activities**

     Net income

** $     59,081**

   $            52,202

   $            57,008

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

          Depreciation and amortization

**         62,460**

                 60,168

                 57,146

          Gain on sales of property, plant and  equipment

**         (2,206)**

                            -

                            -

          Provision for doubtful accounts

**           3,202**

                   1,610

                   1,614

          Unearned compensation expense

**           2,407**

                       259

                     (478)

          Allowance for other funds used during  construction

**         (2,349)**

                  (3,723)

                  (2,741)

          Amortization of investment tax credits

**         (1,671)**

                  (1,712)

                  (1,729)

          Net deferred income taxes

**         75,939**

                 19,861

                 13,419

          Deferred fuel costs  

**       (21,544)**

               (17,560)

                       237

          Gain on fuel hedges

**         (5,262)**

                            -

                            -

          Cash surrender value of company-owned  life insurance

**             (417)**

                     (564)

                       240

          Changes in assets and liabilities:

               Accounts receivable, net

**       (54,364)**

               (17,128)

                     (553)

               Accounts and notes receivable,  affiliate

**           1,624**

                 11,844

                  (7,756)

               Unbilled revenue

**             (622)**

                        (48)

                  (1,212)

               Fuel, materials and supplies  inventory

**         (7,861)**

                  (7,767)

                  (3,554)

               Prepayments

**           1,096**

                     (588)

                     (257)

               Accounts payable

**         32,337**

                     (251)

                   6,347

               Accounts and notes payable,  affiliate

**         (2,134)**

               (17,007)

                 15,533

               Customer deposits

**           5,410**

                   5,109

                   4,008

               Regulatory assets and liabilities,  net

**       (22,479)**

                  (1,623)

                  (3,492)

               Other deferred accounts

**             (220)**

                 13,615

                     (813)

               Taxes accrued

**         (8,585)**

                   9,493

                 29,339

               Interest accrued

**           1,111**

                       597

                     (106)

               Margin deposits

**         11,020**

                  (4,682)

                     (484)

               Other, net

**             (988)**

                   1,136

                  (2,187)

          Net cash provided by operating  activities

**       124,985**

              103,241

              159,529

**Investing activities**

     Additions to property, plant and equipment

**     (158,441)**

               (78,700)

               (68,507)

     Allowance for other funds used during  construction

**           2,349**

                   3,723

                   2,741

     Proceeds from sale of property, plant and  equipment

**           2,801**

                       271

                       316

     Premiums paid on company-owned life  insurance

**             (629)**

                     (629)

                     (305)

     Transfer of cash from restricted accounts

**                   -**

                            -

                            6

          Net cash used in investing activities

**     (153,920)**

               (75,335)

               (65,749)

**Financing activities**

     Change in short-term debt, net

**                   -**

                            -

             (107,000)

     Retirement of long-term obligations

**     (100,116)**

                        (83)

               (25,000)

     Issuance of long-term debt

**       238,715**

                            -

                 75,000

     Deferred financing costs

**         (2,496)**

                            -

                     (557)

     Distribution to parent

**       (52,900)**

               (44,700)

               (44,400)

     Contribution from parent

**         75,000**

                            -

                 10,000

          Net cash provided by (used in)  financing activities

**       158,203**

               (44,783)

               (91,957)

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

**       129,268**

               (16,877)

                   1,823

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

**         54,113**

                 70,990

                 69,167

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

** $   183,381**

   $            54,113

   $             70,990

**Supplementary cash flow information**

     Interest paid (net of amount capitalized)

** $     26,066**

   $            29,009

   $             27,322

     Income taxes (received) paid  

** $       (389)**

   $              7,790

   $          (10,198)

**Supplementary non-cash investing and  financing information**

     Accrued additions to property, plant and  equipment not reported above

** $     28,000**

   $                      -

   $                      -

Capital lease not included in additions to  property, plant and equipment above

** $          555**

   $                      -

   $                      -

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

68

CLECO POWER

Statements of Comprehensive Income

                       FOR THE YEAR ENDED  DECEMBER 31,

(THOUSANDS)

**              2005**

** **

              2004

              2003

Net income

** $ 59,081**

   $   52,202

   $    57,008

Other comprehensive (loss) income, before tax:

     (Recognition) reduction of additional  minimum pension liability

**       (696)**

              145

             (907)

Other comprehensive (loss) income, before tax

**       (696)**

              145

             (907)

Income tax benefit (expense) related to items of  other comprehensive loss

**         268**

               (56)

               349

**Comprehensive income, net of tax**

** $ 58,653**

   $    52,291

   $    56,450

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

 

Statements of Changes in Member'sEquity

  (THOUSANDS)

      MEMBER'S       EQUITY

ACCUMULATED  OTHER  COMPREHENSIVE  LOSS

             TOTAL       MEMBER'S            EQUITY

**BALANCE, January 1, 2003**

$   424,730

   $             (914)

$   423,816

Recognition of additional minimum pension  liability, net of tax

                    -

                  (558)

             (558)

Contribution from parent

         10,000

                         -

         10,000

Distribution to member

       (44,400)

                         -

       (44,400)

Net income

         57,008

                         -

         57,008

**BALANCE, DECEMBER 31, 2003**

      447,338

               (1,472)

      445,866

Reduction of additional minimum pension  liability, net of tax

                    -

                      89

                89

Distribution to member

       (44,700)

                         -

       (44,700)

Net income

         52,202

                         -

         52,202

**BALANCE, DECEMBER 31, 2004**

      454,840

               (1,383)

      453,457

Recognition of additional minimum pension  liability, net of tax

                    -

                  (428)

             (428)

Contribution from parent

         75,000

                         -

         75,000

Distribution to member

       (52,900)

                         -

       (52,900)

Net income

         59,081

                            

         59,081

**BALANCE, DECEMBER 31, 2005**

**$ 536,021**

** $       (1,811)**

**$ 534,210**

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

69

Index to Applicable Notes to the FinancialStatements of Registrants

Note 1

The Company

Cleco Corporation and  Cleco Power

Note 2

Summary of Significant  Accounting Policies

Cleco Corporation and  Cleco Power

Note 3

Regulatory Assets and  Liabilities

Cleco Corporation and  Cleco Power

Note 4

Jointly Owned  Generation Units

Cleco Corporation and  Cleco Power

Note 5

Fair Value of  Financial Instruments

Cleco Corporation and  Cleco Power

Note 6

Debt

Cleco Corporation and  Cleco Power

Note 7

Common Stock

Cleco Corporation

Note 8

Preferred Stock

Cleco Corporation

Note 9

Pension Plan and  Employee Benefits

Cleco Corporation and  Cleco Power

Note 10

Income Taxes

Cleco Corporation and  Cleco Power

Note 11

Disclosures About  Segments

Cleco Corporation

Note 12

Accrual of Electric  Customer Credits

Cleco Corporation and  Cleco Power

Note 13

Equity Investment in  Investees

Cleco Corporation

Note 14

Operating Leases

Cleco Corporation and  Cleco Power

Note 15

Litigation and Other  Commitments and Contingencies

Cleco Corporation and  Cleco Power

Note 16

Discontinued  Operations and Dispositions

Cleco Corporation

Note 17

Disclosures About  Guarantees

Cleco Corporation and  Cleco Power

Note 18

Impairments of  Long-Lived Assets

Cleco Corporation  

Note 19

FERC and Fuel Audit  Settlements

Cleco Corporation and  Cleco Power

Note 20

Affiliate Transactions

Cleco Corporation and Cleco  Power

Note 21

Perryville

Cleco Corporation  

Note 22

Accounting for Asset  Retirement Obligation

Cleco Corporation and  Cleco Power

Note 23

Calpine Bankruptcy

Cleco Corporation  

Note 24

Storm Restoration

Cleco Corporation and  Cleco Power

Note 25

Miscellaneous  Financial Information (Unaudited)

Cleco Corporation and  Cleco Power

Note 26

Subsequent Event

Cleco Corporation

70

Notes to the Financial Statements

**Note 1 - The Company**

***General***

Cleco Corporation is a holding company composed ofthe following three business segments:
-  ClecoPower is an integrated electric utility services subsidiary regulated by theLPSC and the FERC, among other regulators, which determine the rates ClecoPower can charge its customers.  Cleco Power serves approximately 267,000 customersin 104 communities in central and southeastern Louisiana.  Cleco Power alsoengages in energy management activities.
-  Midstreamis a merchant energy subsidiary that owns and operates a merchant generationstation, invests in a joint venture that owns and operates a merchant generationstation, and owns and operates transmission interconnection facilities.
-  ClecoCorporation's other segment consists of a holding company, a shared servicessubsidiary, and an investment subsidiary.

**Note 2 - Summary of Significant Accounting Policies**

***Use of Estimates***

The preparation of financial statements inconformity with accounting principles generally accepted in the United Statesof America requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reportedamounts of revenue and expenses during the reporting period.  Actual resultscould differ from those estimates.  

***Principles of Consolidation***

The accompanying consolidated financial statementsof Cleco include the accounts of Cleco and its majority-owned subsidiariesafter elimination of intercompany accounts and transactions.

Cleco has adopted the provisions of FIN 46R onits scheduled effective dates.  Through a review of equity interests and othercontractual relationships, Cleco has determined that it is not the primarybeneficiary of Evangeline, which is considered a variable interest entity.  Inaccordance with FIN 46R, Cleco deconsolidated Evangeline from its consolidatedfinancial statements and began reporting its investment in Evangeline on theequity method of accounting effective March 31, 2004.  As a result, the assetsand liabilities of Evangeline no longer are reported on Cleco Corporation'sConsolidated Balance Sheet but instead are represented by one line item correspondingto Cleco's equity investment in Evangeline.  Effective April 1, 2004,Evangeline's results of operations are reported as equity income from investeeson Cleco Corporation's Consolidated Statements of Operations.  For additionalinformation on the deconsolidation of Evangeline, see Note 13 - "EquityInvestment in Investees."

The financial results of Perryville and PEH areincluded in Cleco Corporation's consolidated results through January 27, 2004. However, generally accepted accounting principles preclude consolidation ofmajority-owned subsidiaries where control does not rest with the majorityowners.  During the reorganization period (January 28, 2004, through October10, 2005), Cleco utilized the cost method to account for its investment inPerryville and PEH.  The cost method requires Cleco to present the net assetsof Perryville and PEH at January 27, 2004, as an investment and not recognizeany income or loss from Perryville or PEH in Cleco's results of operationsduring the reorganization period.  On October 11, 2005, an order confirming PEHand Perryville's plan of reorganization became final.  As of the effective dateof the order, the cost method was no longer the appropriate method to use to accountfor the investment in Perryville and PEH.  Through a review of equity interestsand other contractual relationships, as required by FIN 46R, Cleco was determinedto be the primary beneficiary of PEH.  Therefore, effective October 11, 2005,PEH's results during the reorganization period are reflected in Cleco'sconsolidated results.  In a similar review, Cleco has determined that it is notthe primary beneficiary of Perryville, which is considered a variable interestentity.  Therefore, effective October 11, 2005, Perryville's revenue andexpenses during the reorganization period are netted and reported as equityincome from investees on Cleco Corporation's Consolidated Statements ofOperations, and Perryville's assets and liabilities are represented by one lineitem corresponding to Cleco's equity investment in Perryville on ClecoCorporation's Consolidated Balance Sheets.  However, Cleco would reintegrate PEH retroactively to January 28, 2004, and inaccordance with FIN 46R, Cleco would report its investment in Perryville on theequity method of accounting retroactively to January 28, 2004.  However, inaccordance with APB Opinion No. 18, since PEH and Perryville had a negativecost basis and incurred losses for 2004 and the first and second quarters of2005, PEH and Perryville should not be reflected in Cleco Corporation'sConsolidated Statements of Operations until such time as PEH and Perryville havesufficient income to exceed their negative cost basis and cumulative losses. In the third quarter of 2005, Perryville recognized earnings from thesettlement of its claims against Mirant sufficient to exceed PEH's and Perryville'sinitial negative cost basis and cumulative losses incurred after January 28,2004.  When Cleco files its Quarterly Report on Form 10-Q for the quarterly periodending September 30, 2006, the comparative periods for 2005 will be restated toreflect PEH's and Perryville's reintegration in the third quarter of 2005. This restatement from the fourth quarter of 2005 to the third quarter of 2005will not have an impact on Cleco's consolidated results for the year endedDecember 31, 2005.  For additional information about Perryville and PEH, seeNote 21 - "Perryville."

71

***Reclassifications***

Certain reclassifications have been made to the2004 and 2003 financial statements to conform them to the presentation used inthe 2005 financial statements.  These reclassifications had no effect on ClecoCorporation's net income applicable to common stock or total commonshareholders' equity or Cleco Power's net income or total member's equity.

***Statements of Cash Flows***

The Consolidated Statements of Cash Flows of ClecoCorporation and the Statements of Cash Flows of Cleco Power are prepared usingthe "indirect method" described in SFAS No. 95.  This method requires that netincome be adjusted to remove the effects of all deferrals and accruals ofoperating cash receipts and payments and the effects of all investing andfinancing cash flow items.

***Regulation***

Cleco Power maintains its accounts in accordancewith the Uniform System of Accounts prescribed for electric utilities by theFERC, as adopted by the LPSC.  Cleco Power's retail rates are regulated by theLPSC, and its rates for transmission services and wholesale power sales areregulated by the FERC.  Cleco Power follows SFAS No. 71, which allows utilitiesto capitalize or defer certain costs based on regulatory approval, and management'songoing assessment that it is probable these items will be recovered throughthe ratemaking process.

Pursuant to SFAS No. 71, Cleco Power hasrecorded regulatory assets and liabilities primarily for the effects of incometaxes.  In addition, Cleco Power has recorded regulatory assets for deferredmining costs, storm restoration costs, deferred interest costs, estimated future assetremoval costs, and fuel and energy purchases as a result of rate actions of regulators. Cleco Power has recorded a regulatory liability for deferred fuel transportationrevenue as a result of rate actions of regulators.  For information regardingthe regulatory assets and liabilities recorded by Cleco Power, see Note 3 -"Regulatory Assets and Liabilities."

Any future plan adopted by the LPSC for purposesof transitioning utilities from LPSC regulation to retail competition may affectthe regulatory assets and liabilities recorded by Cleco Power if the criteriafor the application of SFAS No. 71 cannot continue to be met.  At thistime, Cleco cannot predict whether any legislation or regulation affectingCleco Power will be enacted or adopted and, if enacted, what form such legislationor regulation may take.

***Property, Plant and Equipment***

Property, plant and equipment consist primarily ofregulated utility generation and energy transmission assets and, prior toPerryville and Evangeline's deconsolidation, merchant generation stations.  Regulatedassets, utilized primarily for retail operations and electric transmission anddistribution, are stated at the cost of construction, which includes certainmaterials, labor, payroll taxes and benefits, administrative and general costs,and the estimated cost of funds used during construction.  Jointly owned assetsare reflected in property, plant and equipment at Cleco Power's share of thecost to construct or purchase the assets.  For information on jointly ownedassets, see Note 4 - "Jointly Owned Generation Units."

Cleco's cost of improvements to property, plantand equipment is capitalized.  Costs associated with repairs and major maintenanceprojects are expensed as incurred.  Cleco capitalizes the cost to purchase ordevelop software for internal use.  The amounts of unamortized computersoftware costs at December 31, 2005, and 2004 were $13.4 million and $16.2million, respectively.  Amortization of capitalized computer software costscharged to expense for the years ending December 31, 2005, 2004, and 2003 was $4.1million, $4.1 million, and $4.0 million, respectively.

Upon retirement or disposition, the cost ofCleco Power's depreciable plant and the cost of removal, net of salvage value,are charged to accumulated depreciation.  For Cleco's other depreciable assets,upon disposition or retirement, the difference between the net book value ofthe property and any proceeds received for the property is recorded as a gainor loss on asset disposition on Cleco's statement of operations.  Any costincurred to remove the asset is charged to expense.  Annual depreciationprovisions expressed as a percentage of average depreciable property for ClecoPower were 3.25% for 2005, 3.34% for 2004, and 3.23% for 2003.

Depreciation on property, plant and equipment iscalculated primarily on a straight-line basis over the useful lives of theassets, as follows:

            YEARS

Utility plant

             5-58

Other

             5-44

Property, plant and equipment consist of:

                                   AT DECEMBER  31,

(THOUSANDS)

**                    2005**

                    2004

Regulated utility plants

** $  1,821,817**

   $   1,720,771

Other

**       15,156**

              13,199

     Total property, plant and equipment

** 1,836,973**

        1,733,970

          Accumulated depreciation

**   (804,323)**

          (781,925)

     Net property, plant and equipment

** $  1,032,650**

   $       952,045

The table below discloses the amounts ofplant acquisition adjustments reported in Cleco Power's property, plant andequipment and the associated accumulated amortization reported in accumulateddepreciation.  The plant acquisition adjustment primarily relates to the 1997acquisition of Teche.  The acquisition adjustment represents the amount paid byCleco Power for the assets of Teche in excess of their carrying value.

                       AT DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

Plant acquisition adjustment

** $ 5,359**

   $      5,359

Less accumulated amortization

**     2,196**

           1,941

     Net plant acquisition adjustment

** $ 3,163**

   $      3,418

***Capitalized Project Costs***

Cleco Power capitalizes project costs related to itslong-term construction projects.  As of December 31, 2005, Cleco Power 

72

had spent approximately $11.2million related to the preliminary project development of Rodemacher Unit 3.  On February 22, 2006,the LPSC approved Cleco Power's plan to construct Rodemacher Unit 3.  The $11.2million in preliminary project development costs will be capitalized whenactual construction begins.

***Inventories***

Fuel inventories consist of coal, lignite, and oilused to generate electricity.

Materials and supplies inventory consists oftransmission and distribution line construction and repair material, andgenerating station and transmission and distribution substation repairmaterials.

Both fuel and materials and supplies inventoriesare stated at average cost and are issued from inventory using the average costof existing inventory.  The amount of materials and supplies inventory reportedas of December 31, 2005, and 2004, included deferred storeroom operatingexpenses of $0.6 million and $0.9 million, respectively.

***Accounts Receivable***

Accounts receivable are recorded at the invoicedamount and do not bear interest.  It is the policy of management to review theoutstanding accounts receivable monthly, as well as the bad debt write-offsexperienced in the past, and establish an allowance for doubtful accounts.  Accountbalances are charged off against the allowance when management determines it isprobable the receivable will not be recovered.  As of December 31, 2005, and2004, the allowance for doubtful accounts amounted to $1.3 million and $0.5million, respectively.  There is no off-balance sheet credit exposure relatedto Cleco's customers.  

***Insurance Reserves***

Cleco maintains property insurance on generatingstations, buildings and contents, and substations.  Cleco is self-insured forany damage to transmission and distribution lines.  To mitigate the exposure topotential financial loss for damage to lines, Cleco maintains a reserve, supportedby monthly charges to operating expense.

Cleco also maintains liability and workers'compensation insurance to mitigate financial losses due to injuries and damagesto the property of others.  Cleco's insurance covers claims that exceed certainself-insured limits.  For claims that do not meet the limits to be covered byinsurance, Cleco maintains reserves similar to those for property damage.

***Impairments of Long-Lived Assets***

Cleco applies the provisions of SFAS No. 144 toaccount for long-lived asset impairments.  Under this standard, Cleco evaluatesat each balance sheet date whether events and circumstances have occurred thatindicate possible operational impairment.  Cleco uses an estimate of the futureundiscounted cash flows of the related asset or asset grouping over the remaininglife in measuring whether operating assets are recoverable.  An impairment isrecognized when future undiscounted cash flows of assets are estimated to beinsufficient to recover the related carrying value.  Cleco considers continuedoperating losses or significant and long-term changes in business conditions tobe primary indicators of potential impairment.  In measuring impairment, Clecolooks to quoted market prices, if available, or the best information availablein the circumstances, including the estimated discounted cash flows associatedwith the related assets.  During 2004 and 2003, Cleco recorded impairmentcharges on a combination of pipeline assets and proved oil and gas reservesowned by Cleco Energy.  During 2003, Cleco recorded impairment charges ongeneration assets owned by Perryville.  The impairment charges at Cleco Energy areclassified as discontinued operations on Cleco Corporation's ConsolidatedStatements of Operations.  For additional information on the asset impairmentcharges, see Note 18 - "Impairments of Long-Lived Assets."

***Cash Equivalents***

Cleco considers highly liquid, marketablesecurities, and other similar instruments with original maturity dates of threemonths or less at the time of purchase to be cash equivalents.

***Equity Investments***

Cleco reports its investment in unconsolidatedaffiliated companies on the equity method of accounting, as defined in APBOpinion No. 18.  The amounts reported on Cleco's balance sheet represent thevalue of assets contributed by Cleco plus Cleco's share of the net income ofthe affiliate, less any distributions of earnings (dividends) received from theaffiliate.

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements and began reporting its investmentin Evangeline on the equity method of accounting effective March 31, 2004.  Inaccordance with FIN 46R, Cleco was required to report its investment inPerryville on the equity method when its plan for reorganization becameeffective on October 11, 2005.  For additional information, see Note 13 -"Equity Investment in Investees."

***Income Taxes***

Cleco accounts for income taxes under SFAS No.109.  Income tax expense and related balance sheet amounts are comprised of a"current" portion and a "deferred" portion.  The current portion representsCleco's estimate of the income taxes payable or receivable in the current year. The deferred portion represents Cleco's estimate of the future income taxeffects of events that have been recognized in the financial statements orincome tax returns in the current or prior years.  Cleco makes assumptions andestimates when it records income taxes, such as its ability to deduct items onits tax returns, the timing of the deduction and the effect of regulation bythe LPSC on income taxes.  Cleco's income tax expense and related assets andliabilities could be affected by its assumptions and estimates, changes in suchassumptions and estimates, and by ultimate resolution of assumptions and estimateswith taxing authorities.

73

Cleco Corporation and its subsidiaries, otherthan Cleco Power, record current and deferred federal and state income taxes ata composite rate of 38.5%.  Cleco Power records current and deferred federalincome taxes at the statutory rate of 35.0% and records current and deferredstate income tax expense at 3.5%.  Cleco files a federal consolidated incometax return for all wholly owned subsidiaries.  Cleco and its subsidiariesrecord current and deferred income tax liabilities based on amounts that wouldbe recorded had each affiliate prepared separate tax returns.  The federaleffective tax rate could be different than the statutory or composite rate dueto differences in recognition between the statement of operations and theincome tax return.  Cleco Power generally records temporary differences betweenbook and tax income under the flow-through method of accounting for statepurposes as required by LPSC guidelines.  During 2005, the LPSC required ClecoPower to record deferred tax expense and normalize the state tax benefitderived from the casualty losses relating to Hurricanes Katrina and Rita.  The LPSCfound normalization for state taxes related to storm deductions to be more appropriatedue to the size of such deductions.  This change in treatment resulted inadditional deferred state income tax expense in 2005.  For additionalinformation on income taxes, see Note 10 - "Income Taxes."

***Investment Tax Credits***

Investment tax credits, which were deferred forfinancial statement purposes, are amortized to income over the estimatedservice lives of the properties that gave rise to the credits.

***Debt Expenses,Premiums, and Discounts***

Expenses, premiums, and discounts applicable todebt securities are amortized to income ratably over the lives of the relatedissues.  Expenses and call premiums related to refinanced Cleco Power debt aredeferred and amortized over the life of the new issue.

***Revenue and Fuel Costs***

*Utility Revenue.*  Revenue from sales ofelectricity is recognized based upon the amount of energy delivered.  The costsof fuel and purchased power used for retail customers currently are recoveredfrom customers through the fuel adjustment clause, based upon fuel costs andamounts of purchased power incurred in prior months.  These adjustments aresubject to audit and final determination by regulators.  Excise taxes andpass-through fees collected on the sale of electricity are not recorded in utilityrevenue.

*Unbilled Revenue.*  Cleco Power accrues estimated revenue monthlyfor energy delivered since the latest billings.  Prior to the sale of ClecoEnergy's assets, Cleco Energy accrued estimated revenue monthly for gas salesto customers.  The monthly estimated unbilled revenue amounts are recorded asrevenue and a receivable and are reversed the following month.

*Other Revenue.*  Other revenue isrecognized at the time products or services are provided to and accepted by customers. Economic hedges are derivatives and do not meet the criteria to be consideredaccounting hedges.  These transactions are marked-to-market with the resultinggain or loss recorded as a component of other revenue.  For additionalinformation on mark-to-market accounting, see "- Risk Management" below.

*Tolling Revenue.*  Midstream's revenueis derived predominantly from its tolling agreements related to its generatingfacilities.  Cleco considers the Evangeline Tolling Agreement and consideredthe Perryville Tolling Agreement to be operating leases as defined by SFASNo. 13 and SFAS No. 29 because of the tolling counterparties' abilityto control the use of the plants, among other criteria, through or beyond theyear 2020.  The Evangeline Tolling Agreement contains a monthly shaping factorthat provides for a greater portion of annual revenue to be received by Clecoduring the summer months, which is designed to coincide with the physical usageof the plant.  SFAS No. 13 generally requires lessors to recognize revenueusing a straight-line approach unless another rational allocation of therevenue is more representative of the pattern in which the leased property isemployed.  Cleco believes the recognition of revenue pursuant to the monthlyshaping factor for several provisions contained within the Evangeline TollingAgreement is a rational allocation method, which better reflects the expectedusage of the plant.  Other provisions are recognized as revenue using astraight-line approach.  Certain provisions of the tolling agreements, such asbonuses and penalties, are considered contingent as defined by SFASNo. 29.  Contingent rents are recorded as revenue or a reduction inrevenue in the period in which the contingency is met.  The Perryville TollingAgreement did not contain a monthly shaping factor for revenue, but instead hada monthly adjustment for penalties, which caused a greater risk of losing revenueif capacity was not available during the summer peak months.  The PerryvilleTolling Agreement was rejected by MAEM, effective September 15, 2003, and as aresult, Midstream no longer receives tolling revenue from MAEM.  In accordancewith FIN 46R, Cleco deconsolidated Evangeline from its consolidated financialstatements and began reporting its investment in Evangeline on the equitymethod of accounting effective March 31, 2004.  As a result, effective April 1,2004, Evangeline revenue and expenses are netted and reported on one line itemas equity income from investees on Cleco Corporation's Consolidated Statementsof Operations.  For information on the change in accounting at Evangeline, see-"Principles of Consolidation" above.  For additional information on therejection of the Perryville Tolling Agreement, see Note 21 - "Perryville."

*Taxes/Excise Taxes.*  Cleco Powercollects a sales and use tax on the sale of electricity that subsequently isremitted to the state in accordance with state law.  These amounts are not recordedas income or expense on the income statement but are reflected at gross amountson Cleco's balance sheet as a receivable until the tax is collected and as apayable until the

74

liability is paid due to the pass-through nature of thisitem.  Additionally, Cleco Power collects a consumer fee for one of itsfranchise agreements.  This fee is not recorded on Cleco's income statement asrevenue and expense, but is reflected at gross amounts on Cleco's balance sheetas a receivable until it is collected and as a payable until the liability ispaid.  Cleco currently does not have any excise taxes reflected on its incomestatement.

***AFUDC***

The capitalization of AFUDC by Cleco Power is autility accounting practice prescribed by the FERC and the LPSC.  AFUDCrepresents the estimated cost of financing construction and is not a currentsource of cash.  Under regulatory practices, a return on and recovery of AFUDCis permitted in setting rates charged for utility services.  The compositeAFUDC rate, including borrowed and other funds, was 13.8% on a pre-tax basis (8.5%net of tax) for 2005, 13.7% on a pretax basis (8.5% net of tax) for 2004, and 12.7%on a pre-tax basis (7.8% net of tax) for 2003.

***CapitalizedInterest***

Cleco and its subsidiaries, except Cleco Power(see AFUDC above), capitalize interest costs related to longer term constructionprojects.  Other than AFUDC at Cleco Power, no interest was capitalized in 2005,2004, or 2003.  

***Risk Management***

Market riskinherent in Cleco's market risk-sensitive instruments and positions includesthe potential change arising from changes in interest rates and the commodity marketprices of power and natural gas on different energy exchanges.  Cleco's TradingRisk Management Policy authorizes the use of various derivative instruments,including exchange traded futures and option contracts, forward purchase andsales contracts, and swap transactions to reduce exposure to fluctuations inthe price of power and natural gas.  Cleco adopted SFAS No. 133 in the firstquarter of 2001 to determine whether market risk-sensitive instruments and positionswere required to be marked-to-market.  Generally, Cleco Power's marketrisk-sensitive instruments and positions qualify for the normal-purchase,normal-sale exception to mark-to-market accounting of SFAS No. 133, as modifiedby SFAS No. 149, since Cleco Power generally takes physical delivery and theinstruments and positions are used to satisfy customer requirements.  ClecoPower has entered into certain financial transactions it considers economichedges to mitigate the risk associated with the fixed-price power that will beprovided to a new wholesale customer, through December 2010.  The economichedges cover approximately 98% of the estimated daily peak hour power sales tothe municipal customer.  These transactions are derivatives as defined by SFASNo. 133, but do not meet the accounting criteria to be considered hedges. These transactions are marked-to-market with the resulting gain or lossrecorded on the income statement as a component of operating revenue, net.  AtDecember 31, 2005, there was a net mark-to-market gain of $5.3 million and arealized gain of $0.1 million related to these economic hedge transactions.  ClecoPower anticipates that a large portion of these mark-to-market gains will beoffset by losses in future periods as Cleco Power purchases gas or power tomeet its contractual obligations.

Cleco Powerhas entered into other positions to mitigate some of the volatility in fuel costs passed on to customers. These positions are marked-to-market with the resulting gain or loss recordedon the balance sheet as a component of the accumulated deferred fuel asset orliability and a component of risk management assets or liabilities.  When thesepositions close, actual gains or losses will be included in the fuel adjustmentclause and reflected on customers' bills as a component of the fuel cost adjustment. Based on market prices at December 31, 2005, the net mark-to-market impactrelating to these positions was a gain of $8.7 million.  

Anypositions entered into for marketing and trading purposes do not meet theexemptions of SFAS No. 133, and the net mark-to-market of those positions isrecorded in income.  There were no speculative positions at December 31, 2005 orDecember 31, 2004.  Prior to the sale of Cleco Energy's assets, Cleco Energy'sfinancial positions were marked-to-market.  

Cleco andCleco Power maintain a master netting agreement policy and monitor credit riskexposure through review of counterparty credit quality, corporate-wideaggregate counterparty credit exposure and corporate-wide aggregate counterpartyconcentration levels.  Cleco actively manages these risks by establishingappropriate credit and concentration limits on transactions with counterpartiesand by requiring contractual guarantees, cash deposits or letters of creditfrom counterparties or their affiliates, as deemed necessary.  Cleco Power has agreementsin place with various counterparties that authorize the netting of financialbuys and sells and contract payments to mitigate credit risk for transactionsentered into for risk management purposes.

***Recent AccountingStandards***

Cleco and Cleco Power adopted, or will adopt, the recentaccounting standards listed below on their respective effective dates.

On September 30, 2004, EITF No. 04-10 was issued,which clarifies the aggregation of segments which do not meet the quantitativethresholds contained in SFAS No. 131.  This consensus allows companies toaggregate segments which do not meet quantitative thresholds if the aggregationis consistent with the objective of SFAS No. 131; the segments have similareconomic characteristics; and the segments have a majority of severaloperational and regulatory characteristics.  In June 2005, the FASB ratified amodification to the effective date of the consensus.  EITF No. 04-10 iseffective for the first fiscal year ending after September 15, 2005.  Theadoption of this EITF did not affect Cleco's SFAS No. 131 disclosures.

On December 16, 2004, SFAS No. 123R was issued,which provides expensing and disclosure requirements for stock-based compensation. This statement will require all equity instruments, including stock options, tobe expensed at their fair 

75

value and supersedes APB Opinion No. 25 and SFAS No.123, which allowed companies to use the intrinsic value method.  ThroughDecember 2005, Cleco utilized the intrinsic value method as described in APBOpinion No. 25.  SFAS No. 123R also prohibits reversing previously recognizedstock-based compensation expense, if the forfeiture of the instruments was dueto the failure of a market-based performance measure.  Most of Cleco's stock-basedcompensation contains market-based performance measures.  On April 14, 2005,the SEC extended the effective date of this statement from interim periodsbeginning after June 15, 2005, to the first fiscal year beginning after June15, 2005.  For Cleco, the extension means that SFAS No. 123R will beimplemented effective January 1, 2006.  Cleco currently expects to choose themodified prospective method of transition, which requires a company toprospectively recognize compensation expense calculated pursuant to SFAS No.123R for all non-vested stock-based compensation outstanding on the date ofadoption.  Cleco expects to record pre-tax compensation expense of approximately$3.2 million annually upon adoption of SFAS No. 123R.  See - "Stock-Based Compensation,"below for additional information concerning Cleco's stock-based compensation.

On March 3, 2005, the FASB issued FIN 46R-5,which provides a clarification to FIN 46R.  FIN 46R-5 provides that, whenassessing the primary beneficiary of a variable interest entity, a company mustconsider implicit variable interests along with explicit variable interests. An implicit variable interest is similar to an explicit interest, except thevariability is indirectly absorbed or received, for instance through a thirdparty, rather than directly from the variable interest entity.  FIN 46R-5 iseffective in the first reporting period beginning after March 3, 2005.  Theimplementation of FIN 46R-5 had no impact on the financial condition or resultsof operations of the Registrants.

On March 30, 2005, the FASB issued FIN 47, whichis an interpretation of SFAS No. 143.  FIN 47 requires an asset retirementobligation which is conditional on a future event to be recorded, even if theevent has not yet occurred.  This interpretation is effective for fiscal yearsending after December 15, 2005.  For information on the implementation of FIN47, see Note 22 - "Accounting for Asset Retirement Obligation."  For additionalinformation on the deconsolidation of Evangeline, see Note 13 - "EquityInvestment in Investees."

On June 1, 2005, the FASB issued SFAS No. 154,which describes the reporting and disclosures of accounting changes and errorcorrections by replacing APB Opinion No. 20 and SFAS No. 3.  A change from oneaccounting principle to another, unless otherwise stated in a specificaccounting pronouncement, will require retrospective application.  Retrospectiveapplication will require all periods presented to be restated as if the newprinciple had been in effect during the respective time period and will reflecta cumulative effect adjustment to the opening balance of the appropriatebalance sheet accounts for prior periods which are not presented.  Changes inaccounting estimates should be accounted for in the period of change andsubsequent periods affected by the change.  Errors in financial statements of aprior period shall be reported as prior-period adjustments.  SFAS No. 154 is effectivefor accounting changes and corrections of errors made in fiscal years beginningafter December 15, 2005. The adoption of this SFAS had no impact on thefinancial condition or results of operations of the Registrants.

On June 29, 2005, the FASB ratified theconsensus in EITF No. 05-6, which specifies the amortization period of leaseholdimprovements.  EITF No. 05-6 states that leasehold improvements should beamortized over the lesser of (i) the leasehold improvements' useful life or(ii) a period that reflects renewals that are reasonably assured uponacquisition of the leasehold improvements.  This EITF is effective on aprospective basis for leasehold improvements acquired in periods beginning afterJune 29, 2005.  Cleco has not acquired any leasehold improvements since theEITF's effective date.  The adoption of this EITF had no impact on thefinancial condition or results of operations of the Registrants.

On July 12, 2005, the FASB issued FSP APB No.18-1 that requires, for investments accounted for using the equity method, aninvestor's proportionate share of an investee's equity adjustments for othercomprehensive income to be offset against the carrying value of the investmentat the time significant influence is lost.  Any accumulated other comprehensiveincome adjustment that would cause the investment account to drop below zeroshould be recorded in income.  This FSP is effective in the first reportingperiod beginning after July 12, 2005.  The adoption of this FSP did not have animpact on the financial condition or results of operations of the Registrants.

On September 15, 2005, the FASB ratified EITFNo. 04-13, which provides guidance on accounting for purchases and sales ofinventory with the same counterparty.  If certain criteria are met, purchasesand sales of inventory with the same counterparty should be accounted for atfair value as required by APB Opinion No. 29.  Entities are required to applythis EITF to new arrangements entered into during reporting periods beginningafter March 15, 2006.  Management currently is evaluating the impact this EITFcould have on the financial condition or results of operations of theRegistrants.

On October 6, 2005, the FASB issued FSP SFAS No.13-1, which provides guidance on the accounting treatment of land and buildingleases during periods of construction.  Land and building operating lease costsincurred during a construction period shall be recognized as rental expense andnot capitalized as a cost of the constructed asset.  This FSP is effective forreporting periods beginning after December 15, 2005, and applies to all rental costsincurred after the effective date.  The adoption of this FSP had no impact on thefinancial condition or the results of operations of the Registrants.

On November 3, 2005, the FASB issued FSP SFASNos. 115-1 and SFAS No. 124-1, which provide guidance on other than temporaryimpairment of equity and debt securities within the scope of SFAS No. 115 andSFAS No. 124 or equity securities accounted for under the cost method.  Asecurity within the scope of this FSP is considered impaired if its fair marketvalue is less than its carrying value.  If the loss is other than temporary,then the entity is required to write down the carrying value of the securityand recognize a loss.  Entities are 

76

required to assess individual securities each reporting period, which means forthe Registrants, quarterly.  This FSP is effective for reporting periodsbeginning after December 15, 2005.  The adoption of this FSP had no impact on thefinancial condition or the results of operations of the Registrants.

On November 10, 2005, the FASB issued FIN 45-3,which clarifies that a guarantee to a business or its owner in which thegrantor guarantees that the revenue of a business for a particular period oftime will be at least a specified amount would be subject to FIN 45.  This FSPis effective for new minimum revenue guarantees issued or modified on or afterthe beginning of the fiscal quarter following November 10, 2005.  The adoptionof this FSP had no impact on the financial condition or the results of operationsof the Registrants.

***Earnings (Loss) perAverage Common Share***

Earnings (loss) per share is calculated utilizingthe "two-class" method by dividing earnings allocated to holders of common stockby the weighted average number of shares of common stock outstanding during theperiod.  The following table shows the calculation of basic and dilutedearnings per share. 

** **

  FOR THE YEAR ENDING  DECEMBER  31,

**             2005**

            2004

             2003

  (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

**          INCOME**

                     **SHARES**

**   PER  SHARE  AMOUNT**

             INCOME

                 SHARES

   PER SHARE  AMOUNT

          INCOME

                  SHARES

    PER SHARE  AMOUNT

Net income (loss) from continuing operations

** $ 182,978**

   $      66,119

   $  (29,768)

Deduct:  non-participating stock dividends  (4.5% preferred stock)

**           46**

                    46

                 46

Deduct:  participating preferred stock dividends

**      1,835**

              2,293

           2,001

Deduct:  amount allocated to participating  preferred

**      5,401**

                 951

                    -

**Basic earnings (loss) per share**

Net income (loss) from continuing operations   available to common shareholders

**  $ 175,696**

**  $    3.54**

   $      62,829

   $      1.33

   $  (31,815)

   $     (0.68)

Deduct:  amount allocated to participating  preferred

**              -**

                      3

                    -

(Loss) income from discontinued operations

**        (334)**

**             -**

                    70

                -

         (5,161)

          (0.11)

Total basic net income (loss) applicable to   common stock

**  $ 175,362**

**   49,486,790**

**  $    3.54**

   $      62,896

       47,371,319

   $      1.33

   $  (36,976)

        46,820,058

   $     (0.79)

**Effect of Dilutive Securities**

Add:  stock option grants

**              -**

**          94,360**

                       -

               38,219

                    -

                            -

Add:  restricted stock (LTICP)

**              -**

**        137,586**

                       -

             119,348

                    -

                            -

Add:  convertible ESOP preferred stock

**      7,236**

**     2,041,484**

                       -

                           -

                    -

                            -

**Diluted earnings (loss) per share**

Net income (loss) from continuing operations   available  to common shareholders plus   assumed conversions

**  $ 182,932**

**                    **

**  $   3.53**

   $      62,829

   $      1.32

   $  (31,815)

   $     (0.68)

Deduct:  amount allocated to participating  preferred

**              -**

                      3

(Loss) income from discontinued operations

**        (334)**

**             -**

                    70

                -

         (5,161)

          (0.11)

Total diluted net income (loss) applicable to   common stock

**  $ 182,598**

**   51,760,220**

**  $    3.53**

   $      62,896

       47,528,886

   $      1.32

   $  (36,976)

        46,820,058

   $     (0.79)

Stock optiongrants for 2005, 2004, and 2003 excluded from the computation of dilutedearnings (loss) per share are presented in the table below.  The exclusion of stockoption grants from the 2005 and 2004 computation of dilutedearnings per share had exercise prices higher than the average market price. No options to purchase shares of common stock were included in the 2003computation of diluted loss per share, because the effects would have beenanti-dilutive.

** **

    FOR THE YEAR ENDED  DECEMBER 31,

**                 2005**

                2004

              2003

**             STRIKE  PRICE**

      **AVERAGE          MARKET              PRICE**

**            SHARES**

            STRIKE  PRICE

         AVERAGE            MARKET                PRICE

            SHARES

                STRIKE PRICE

       AVERAGE         MARKET              PRICE

           SHARES

Stock option grants excluded

** $21.88 - $24.25**

**    $ 21.36**

** 331,968**

      $18.44 - $24.25

          $ 18.29

        899,002

      $14.88 - $24.25

          $ 15.54

   1,268,197

***Stock-BasedCompensation***

At December 31, 2005, Cleco Corporation had twostock-based compensation plans:  the LTICP and the ESPP.  Options, restrictedshares of stock, known as non-vested stock as defined by SFAS No. 123, orcommon stock equivalents may be granted to certain officers, key employees, ordirectors of Cleco Corporation and its subsidiaries pursuant to the LTICP. Substantially all employees, excluding officers and general managers, of ClecoCorporation and its subsidiaries may choose to participate in the ESPP andpurchase a limited amount of common stock at a discount through a stock optionagreement.  APB Opinion No. 25 and related interpretations are applied inaccounting for Cleco Corporation's stock-based compensation plans.  Therefore,no stock-based employee compensation is reflected in the Cleco CorporationConsolidated Statements of Operations for 2005, 2004 or 2003, other than forrestricted stock grants, as all compensatory stock options granted had anexercise price equal to the fair market value of common stock on the date ofthe grant, and ESPP options are considered noncompensatory.  

The fair market value of restricted stock asdetermined on the measurement date is recorded as compensation expense 

77

duringthe service periods, which is generallythree years, in which the restrictions lapse and if obtainment of vesting requirementsis probable.  Cleco and Cleco Power reported pre-tax compensation expense(reversal of expense) for shares of restricted stock granted under the LTICPand the related income tax gross-up paid on behalf of participants as shown inthe following table:

                     FOR THE YEAR ENDED  DECEMBER 31,

(THOUSANDS)

**              2005**

** **

              2004

             2003

Cleco pre-tax compensation expense (reversal of  expense) including related tax gross-up

** $ 6,469**

   $      2,155

   $   (1,585)

Cleco Power pre-tax compensation expense  (reversal of expense) including related tax gross-up

** $ 2,407**

   $         259

   $      (516)

Through December 31, 2005, Cleco had granted toemployees two types of restricted stock with market and/or performance objectives. The first type, target shares, can be voted, and employees receive dividends onthe shares prior to the lapse of the restrictions.  The second type,opportunity shares, is not issued to employees until the market and/or performanceobjectives have been met; therefore, these shares cannot be voted, nor doemployees receive dividends on the shares prior to the lapse of therestrictions.  Both types of these grants require the satisfaction of theservice requirement, as well as the achievement of one or more market-based orperformance-based objectives in order to obtain vesting.  However, if certainevents occur, such as retirement after age 55 or termination as part of a planof reorganization prior to the end of the service period, then employees wouldvest in a pro-rata number of target and opportunity shares.  Target andopportunity shares also would fully vest upon a change in control of ClecoCorporation.  At December 31, 2005, the number of target and opportunityrestricted shares previously granted for which restrictions had not lapsed totaled437,840.  Cleco also grants to employees and directors restricted stock withonly a service period requirement.  These grants require the satisfaction of apre-determined service period in order for the shares to vest.  During thevesting period, the employees and directors can vote and receive dividends onthe shares.  At December 31, 2005, the number of shares of restricted stockpreviously granted with only a service period requirement for which the periodhad not ended was 73,347.

Net income and net income per common share forCleco and net income for Cleco Power would approximate the pro forma amounts shownin the following table, if the compensation expense for these plans was recognizedin compliance with SFAS No. 123.  The income tax gross-up related to the sharesof restricted stock granted under the LTICP is not included in the pro forma amountsas shown below, since its treatment is the same under APB Opinion No. 25 andSFAS No. 123.

***Cleco***

                     FOR THE YEAR ENDED  DECEMBER 31,

(THOUSANDS, EXCEPT PER SHARE  AMOUNTS)

**              2005**

** **

              2004

             2003

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

**$ 180,779**

   $    63,973

   $  (36,790)

Add:  stock-based employee compensation expense  recognized (reversed) and included in reported

     net income applicable to common stock, net  of related tax effects

**     2,741**

              707

            (484)

Deduct:  total stock-based employee compensation  expense determined under fair value based   method of all awards, net of related tax effects

**     2,616**

           2,538

          2,714

Pro forma net income (loss) applicable to common  stock

**$ 180,904**

   $    62,142

   $  (39,988)

Earnings (loss) per share:

     Basic - as reported

**$        3.54**

   $        1.33

   $      (0.79)

     Basic - pro forma

**$        3.55**

   $        1.29

   $      (0.86)

     Diluted - as reported

**$        3.53**

   $        1.32

   $      (0.79)

     Diluted - pro forma

**$        3.53**

   $        1.29

   $      (0.86)

 

***Cleco Power***

                     FOR THE YEAR ENDED  DECEMBER 31,

(THOUSANDS)

**              2005**

** **

              2004

             2003

Net income, as reported

** $ 59,081**

   $   52,202

   $  57,008

Add:  stock-based employee compensation expense  (reversed) recognized and included in reported

     net income, net of related tax effects

**     1,025**

                 41

            (124)

Deduct:  total stock-based employee compensation  expense determined under the fair value based   method of all awards, net of related tax effects

**     1,271**

              830

             870

Pro forma net income 

** $ 58,835**

   $   51,413

   $  56,014

78

The fair value of each stock option grantedunder the ESPP is estimated on the date of grant using the Black-Scholes optionpricing model with the assumptions listed below.

FOR THE YEAR ENDED DECEMBER 31,

**          2005**

          2004

          2003

Expected term (in years)

**       1.0**

            1.0

            5.4

Volatility

** 22.0%**

     22.0%

     30.4%

Expected dividend yield

**    4.2%**

        5.0%

        5.5%

Risk-free interest rate

**    2.8%**

        1.3%

        3.4%

Weighted average fair value (Black-Scholes value)

** $     4.04**

   $    2.58

   $    1.94

The fair value of shares of restrictedstock granted under the LTICP is estimated on the date of grant using the MonteCarlo simulation model with the assumptions listed below.

FOR THE YEAR ENDED DECEMBER 31,

**            2005**

            2004

            2003

Expected term (in years)

**        3.0**

             3.0

              3.0

Volatility of Cleco stock

**   33.0%**

       34.8%

        33.9%

Correlation between Cleco stock volatility and  peer group

**   41.4%**

       37.8%

        39.0%

Expected dividend yield

**     4.2%**

          5.0%

          6.3%

Weighted average fair value (Monte Carlo model)

** $ 24.98**

   $    18.14

   $       8.61

The effects ofapplying SFAS No. 123 in this pro forma disclosure are not necessarilyindicative of future amounts.  SFAS No. 123 is not applicable to awards priorto 1995.  Cleco Corporation anticipates making awards in the future under its stock-basedcompensation plans.

**Note 3 - Regulatory Assets and Liabilities**

Cleco Power follows SFAS No. 71, which allowsutilities to capitalize or defer certain costs based on regulatory approval andmanagement's ongoing assessment that it is probable these items will berecovered through the ratemaking process.

Pursuant to SFAS No. 71, Cleco Power hasrecorded regulatory assets and liabilities primarily for the effects of incometaxes.  In addition, Cleco Power has recorded regulatory assets for deferredmining costs, storm restoration costs, interest costs, estimated future assetremoval costs, and fuel and energy purchases, and has recorded a regulatoryliability for fuel transportation revenue, as a result of rate actions of regulators.

The deferred storm restoration costs, deferredmining costs, deferred interest costs, and the deferred asset removal costs arepresented in the line item entitled "Regulatory Assets - Other," the deferredfuel and purchased power costs are presented on the line item entitled"Accumulated Deferred Fuel," and the deferred fuel transportation revenue is presentedon the line item entitled "Other Current Liabilities" on the Cleco CorporationConsolidated Balance Sheets.  Under the current regulatory environment, ClecoPower believes these regulatory assets will be fully recoverable; however, ifin the future, as a result of regulatory changes or increased competition,Cleco Power's ability to recover these regulatory assets would not be probable,then to the extent that such regulatory assets were determined not to berecoverable, Cleco Power would be required to write-down such assets.  Inaddition, potential deregulation of the industry or possible future changes inthe method of rate regulation of Cleco Power could require discontinuance ofthe application of SFAS No. 71.  Cleco Power does not earn a return on theseregulatory assets through current rates.

The following chart summarizes Cleco Power'sregulatory assets and liabilities at December 31, 2005, and 2004:

                        AT DECEMBER 31,

                 REMAINING

 (THOUSANDS)

**              2005**

              2004

       RECOVERY  PERIOD

Depreciation

**$ 24,339**

   $   25,876

Asset basis differences

**        729**

              792

Prior years flowthrough

**     8,393**

           8,792

     Total federal regulatory asset - SFAS  No. 109

**   33,461**

        35,460

Depreciation

**   22,666**

        22,607

Asset basis differences

**     5,486**

           7,530

Prior years flowthrough

**        834**

              526

Nonplant

**     4,935**

           3,282

     Total state regulatory asset - SFAS No.  109

**   33,921**

        33,945

Total AFUDC

**   32,471**

        33,303

Total investment tax credit

**    (8,893)**

         (9,844)

     Total regulatory assets and liabilities  - deferred taxes, net

**   90,960**

        92,864

Deferred mining costs

**   15,123**

        11,359

                             6 yrs.

Deferred storm restoration costs -  Lili/Isidore

**     4,158 **

           5,544

                             3 yrs.

Deferred storm restoration costs - Katrina/Rita

**   25,006**

                    -

                          10 yrs.

Deferred interest costs

**     8,700**

           9,133

                           32 yrs.

Deferred asset removal costs

**        452**

              291

                          44 yrs.

     Total regulatory assets- other

**   53,439**

        26,327

Deferred fuel and purchased power

**   23,165**

        13,997

                                   -

Deferred fuel transportation revenue

**       (635)**

                    -

                                 -

     Total deferred costs

**   75,969**

        40,324

     Total regulatory assets and liabilities,  net

**$ 166,929**

   $ 133,188

***Deferred Taxes***

At December 31, 2005, and 2004, Cleco Power had recorded$91.0 million and $92.9 million, respectively, of SFAS No. 109 net regulatoryassets related to probable future taxes payable that will be recovered fromcustomers through future rates.  Amounts recorded as regulatory assets arepartially offset by deferred tax liabilities resulting from the regulatoryrequirement to flow through the current tax benefits to customers of certainaccelerated deductions that are recovered from customers as they are paid.  Therecovery periods for regulatory assets and liabilities are based on assets'lives, which are typically 30 years or greater.  The amounts deferred are attributableto differences between book and tax recovery periods. 

***Deferred Mining Costs***

In May 2001, Cleco Power signed a lignite contractwith the miner at the Dolet Hills mine.  As ordered by the LPSC in docketsU-21453, U-20925(SC), and U-22092(SC) (Subdocket G), retail ratepayers arereceiving fuel cost savings equal to at least 2% of the projected costs underthe previous mining contract through 2011.  Costs above 98% of the previous contract'sprojected costs (the benchmark price) are deferred.  

79

Deferred costs will berecovered from retail customers through the fuel adjustment clause when theactual costs of the new contract are below 98% of the projected costs of theprevious contract.  As of December 31, 2005, and 2004, Cleco Power had remainingdeferred costs and interest relating to its lignite mining contract of $15.1million and $11.4 million, respectively.

The benchmark price uses the GDP-IPD index as aproxy for the numerous escalators in the previous contract.  The GDP-IPD indexdoes not appropriately reflect the increase in mining costs caused by the sharpincrease in diesel fuel and electricity used in the mining operation.  Ifmitigating strategies to correct the disconnect between the GDP-IPD index andactual mining costs are not implemented, then Cleco Power could be required torecognize an expense for future amounts instead of deferring them.  Cleco Poweralso could be required to expense a portion of the currently deferred amount. Mitigating strategies include, but are not limited to, obtaining regulatoryapproval for replacing the current GDP-IPD index with a more representativebenchmark price escalation.  Management anticipates filing for regulatoryapproval by the end of the first quarter 2006.  Currently, management expectsthe mitigating strategies to be implemented, and current and future deferralsare expected to be collected.

***Deferred StormRestoration Costs***

Cleco Power incurred approximately $29.0 millionof storm restoration costs, primarily during the fourth quarter of 2002, toreplace utility poles and conductors damaged by Tropical Storm Isidore andHurricane Lili.  According to an agreement with the LPSC, approximately $8.2million of these restoration costs were recorded as a regulatory asset ($7.0million in 2002 and $1.2 million in 2003) for recovery over the six-year periodwhich began in January 2003.  The balance deferred at December 31, 2005, and2004, was $4.2 million and $5.5 million, respectively.

Cleco Power also incurred approximately $152.6million of storm restoration costs as of December 31, 2005, primarily in thethird quarter of 2005, to replace property damaged by Hurricanes Katrina andRita.  The terms of an agreement with the LPSC similar to that resulting fromIsidore and Lili authorized Cleco Power to record a regulatory asset for thenon-capitalized storm restoration costs and to amortize that amount over a ten-yearperiod beginning October 2005.  The balance deferred at December 31, 2005, was$25.0 million.  For information on the LPSC's approved recovery of storm restorationcosts for Hurricanes Katrina and Rita, see Note 24 - "Storm Restoration."

***Deferred Interest Costs***

Cleco Power's deferred interest costs includeadditional deferred capital construction financing costs authorized by theLPSC.  At December 31, 2005, and 2004, these costs totaled $8.7 million and $9.1million, respectively and are being amortized over the estimated lives of therespective assets constructed.

***Deferred Fuel andPurchased Power Costs***

The cost of fuel used for electric generation andthe cost of power purchased for utility customers are recovered through theLPSC-established fuel adjustment clause, which enables Cleco Power to pass onto its customers substantially all such charges.  Approximately 94% of ClecoPower's total fuel cost is regulated by the LPSC, while the remainder isregulated by the FERC.  Deferred fuel and purchased power costs recorded atDecember 31, 2005, and 2004, were under-recoveries of $23.2 million and $14.0million, respectively, and are scheduled to be collected from customers infuture months.  The increase in the unrecovered costs is the result of higherfuel and purchased power expenses, primarily due to the increase in natural gasprices.  Also included in the $14.0 million under-recovered amount reported atDecember 31, 2004, are favorable surcharge adjustments representing fuel costsnot collected in prior periods and the reversal of gas transportation chargesrecorded in 2002 as a result of the settlement of Cleco Power's 2001-2002 fuelaudit.  The $23.2 million under-recovered costs reported at December 31, 2005,would have been higher but were reduced by a $8.7 million favorable increase inthe market value of open gas hedge positions and a $1.5 million favorableincrease in margin deposits.

***Deferred Asset RemovalCosts***

For information regarding deferred asset removalcosts, see Note 22 - "Accounting for Asset Retirement Obligation."

***Deferred FuelTransportation Revenue***

In June 2003, pipeline assets owned by a ClecoPower affiliate, providing transportation of fuel to two Cleco Power generatingstations, were sold to Cleco Power.  Prior to June 2003, the expensesassociated with the pipeline assets were recovered from customers through ClecoPower's fuel adjustment clause, since these expenses were billed to Cleco Powerby the affiliate energy company.  Rather than prepare a formal rate filingrequesting recovery of the pipeline assets cost, in March 2005, Cleco Powerrequested and the LPSC authorized Cleco Power to recover the assets cost untilCleco Power's next rate case.  Cleco Power recorded a regulatory liabilityrepresenting the estimated amount of revenue to be collected from customersthrough September 2006, when the current RSP expires.  The balance deferred atDecember 31, 2005, was $0.6 million.

**Note 4 - Jointly Owned Generation Units**

Two electric generation units operated by ClecoPower are jointly owned with other utilities.  Cleco Power recognized $81.6 million,$73.2 million, and $66.3 million as its proportionate share of operation andmaintenance expenses associated with these two units, including fuel costs of $67.6million, $60.3 million, and $56.9 million, during the years ended December 31,2005, 2004, and 2003, respectively.

80

** **

                          AT DECEMBER 31, 2005

  (DOLLAR AMOUNTS IN THOUSANDS)

        RODEMACHER                   UNIT #2

        DOLET HILLS

                   TOTAL

Ownership

**           30%**

**           50%**

Utility plant in service

**    $  85,863**

**    $ 277,868**

**    $ 363,731**

Accumulated depreciation

**    $  58,301**

**    $ 160,386**

**    $ 218,687**

Unit capacity (MW)

**             523**

**             650**

Share of capacity (MW)

**             157**

**             325**

**Note 5 - Fair Value of Financial Instruments**

The amounts reflected in Cleco's and Cleco Power'sBalance Sheets at December 31, 2005, and 2004, for cash and cash equivalents,accounts receivable, accounts payable, and short-term debt approximate fairvalue because of their short-term nature.  Estimates of the fair value ofCleco's and Cleco Power's long-term debt and Cleco's nonconvertible preferredstock are based upon the quoted market price for the same or similar issues orby a discounted present value analysis of future cash flows using current ratesobtained by Cleco and Cleco Power for debt and by Cleco for preferred stockwith similar maturities.  In connection with the establishment of theESOP, the ESOP borrowed $30.0 million.  Subsequently, Cleco Power purchasedthe loan.  The amount of the loan is directly offset by Cleco Power'sguarantee of the loan.  The fair value of Cleco's convertible preferredstock is estimated assuming its conversion into common stock at the marketprice per common share at December 31, 2005, and 2004, with proceeds from thesale of the common stock used to repay the principal balance of Cleco Power'sloan to the ESOP.  The estimated fair value of energy market positions isbased upon observed market prices when available.  When such market pricesare not available, management estimates market value at a discrete point intime by assessing market conditions and observed volatility.  Theseestimates are subjective in nature and involve uncertainties.  Therefore,actual results may differ from these estimates.

***Cleco***

         AT  DECEMBER 31,

** **

** **

**            2005**

              2004

  (THOUSANDS)

**     CARRYING           VALUE**

** **

**ESTIMATED  FAIR  VALUE**

CARRYING  VALUE

ESTIMATED    FAIR VALUE

Financial instruments not marked-to-market

     Cash and cash equivalents

**$ 219,153**

**$ 219,153**

   $ 123,787

   $ 123,787

     Long-term debt

**$ 651,062**

**$ 665,152**

   $ 611,178

   $ 644,709

     Preferred stock not subject to mandatory  redemption

**$   20,034**

**$   40,103**

   $   19,226

   $   39,622
 
******

** **

** **

** **

** **

                            AT DECEMBER 31,

** **

** **

** **

**              2005**

              2004

  (THOUSANDS)

**      ORIGINAL           VALUE**

** **

**OTHER UNREALIZED GAINS/(LOSSES) DURING   THE PERIOD**

**   ESTIMATED   FAIR VALUE**

        ORIGINAL            VALUE

  OTHER  UNREALIZED LOSSES DURING  THE PERIOD 

    ESTIMATED    FAIR VALUE

Financial instruments marked-to-market

     Energy Market Positions

     Assets

**$ 12,799**

**    $    (291)**

**$   12,508**

   $      7,376

      $          (469)

   $      6,907

     Liabilities

**$ 95,973**

**    $  15,300**

**$ 111,273**

   $    52,135

      $       (1,678)

   $    50,457
 
 

***Cleco Power***

                            AT DECEMBER 31,

** **

** **

**              2005**

              2004

  (THOUSANDS)

**     CARRYING           VALUE**

** **

**   ESTIMATED   FAIR VALUE**

CARRYING            VALUE

 ESTIMATED    FAIR VALUE

Financial instruments not marked-to-market

     Cash and cash equivalents

**$ 183,381**

**$ 183,381**

   $   54,113

   $   54,113

     Long-term debt

**$ 551,062**

**$ 562,015**

   $ 411,178

   $ 433,779
 
 

** **

** **

** **

** **

                            AT DECEMBER 31,

** **

** **

** **

** **

**              2005**

              2004

  (THOUSANDS)

**ORIGINAL           VALUE**

** **

**OTHER UNREALIZED  GAIN/(LOSSES)  DURING   THE PERIOD**

** **

**   ESTIMATED   FAIR VALUE**

        ORIGINAL            VALUE

  OTHER UNREALIZED LOSSES DURING THE PERIOD 

    ESTIMATED    FAIR VALUE

Financial instruments marked-to-market

     Energy Market Positions

     Assets

**$ 12,799**

**    $    (291)**

**$    12,508**

   $     7,376

      $         (469)

   $      6,907

     Liabilities

**$ 95,973**

**    $  15,300**

**$  111,273**

   $   52,135

      $      (1,678)

   $    50,457

81

The financial instruments not marked-to-market arereported on Cleco's and Cleco Power's Balance Sheets at carrying value. The financial instruments marked-to-market represent market risk recorded inthe financial statements because, to the extent Cleco and Cleco Power have anopen position, they are exposed to the risk that fluctuating market prices mayadversely affect their financial condition or results of operations uponsettlement.  Original value represents the fair value of the positions atthe time originated.

In addition to Cleco's long-term financialinstruments not marked-to-market listed above, at December 31, 2005, Evangelinehad $191.8 million of 8.82% senior secured bonds outstanding, due September 19,2019, with an estimated market value of $199.7 million, which are not includedabove due to the deconsolidation of Evangeline.  For information on thedeconsolidation, see Note 2 - "Summary of Significant Accounting Policies -Principles of Consolidation."

At December 31, 2005, Cleco and Cleco Power were exposedto significant concentration of credit risk through their short-term investmentsclassified as cash equivalents.  Cleco had $35.6 million in short-terminvestments in several institutional money market funds.  If the money marketfunds failed to perform under the terms of the investment, Cleco would beexposed to a loss of $35.6 million.  Cleco Power had $81.2 million inshort-term investments in several institutional money market funds and $99.8million in commercial paper divided evenly among five issuers.  If the moneymarket funds or the commercial paper issuers failed to perform under the termsof the investments, Cleco Power would be exposed to a loss of the investedamounts.  Collateral on these types of investments is not required by eitherCleco or Cleco Power.  In order to mitigate potential credit risk, Cleco andCleco Power have established guidelines for short-term investments.  Moneymarket funds must have at least $1.0 billion in assets under management; must havebeen in existence for not less than two years; must have portfolios notcomprised of more than 50% of securities issued by foreign entities and must berated in the top two ratings categories by at least one nationally recognizedrating agency.  Commercial paper must be issued by a company with headquartersin the U.S. which is rated not less than "A-1" by Standard & Poors or "P-1"by Moody's.  Investments in commercial paper rated "A-2" by Standard &Poors or "P-2" by Moody's may be made if approved by the Treasurer, SeniorVice-President - Financial Services or the President of the respectivecompany.  

Cleco Power was exposed to significantconcentration of credit risk through its energy marketing assets.  At December31, 2005, Cleco Power had energy marketing assets with an estimated fair valueof $12.5 million.  These energy marketing assets represent open gas purchasepositions primarily financial hedge transactions.  Cleco Power entered intothese positions to mitigate the risk associated with the fixed-price power thatwill be provided to a new wholesale customer through December 2010.  If thecounterparties to these assets failed to perform under the terms of theinvestment, Cleco would be exposed to a loss of $12.5 million.  For informationabout credit risk management on energy marketing assets, see Note 2 - "Summaryof Significant Accounting Policies - Risk Management."

**Note 6 - Debt**

***Cleco***

Cleco's total indebtedness as of December 31, 2005,and 2004, was as follows: 

                                 AT DECEMBER  31,

(THOUSANDS)

**                   2005**

                  2004

Cleco Corporation's senior notes, 8.75%, due 2005

** $                -**

   $     100,000

Cleco Corporation's senior notes, 7.00%, due 2008

**    100,000**

          100,000

Cleco Power's first mortgage bonds Series X,  9.5%, due 2005

**                -**

             60,000

Cleco Power's senior notes, 5.375%, due 2013

**      75,000**

             75,000

Cleco Power's senior notes, 4.95%, due 2015

**      50,000**

                        -

Cleco Power's senior notes, 6.50%, due 2035

**    150,000**

                        -

Cleco Power's pollution control revenue bonds,  5.875% due 2029, callable after September 1, 2009

**      61,260**

             61,260

          Total bonds

**    436,260**

          396,260

Cleco Power's medium-term notes

     6.20%, due 2006

**      15,000**

             15,000

     6.32%, due 2006

**      15,000**

             15,000

     6.95%, due 2006

**      10,000**

             10,000

     6.53%, due 2007

**      10,000**

             10,000

     7.00%, due 2007

**      25,000**

             25,000

     7.50%, due 2007

**      15,000**

             15,000

     6.52%, due 2009

**      50,000**

             50,000

          Total medium-term notes

**    140,000**

          140,000

Cleco Power's insured quarterly notes

     6.05%, due 2012, callable after June 1, 2004

**      49,955**

             49,975

     6.125%, due 2017, callable after March 1,  2005

**      24,847**

             24,943

          Total insured quarterly notes

**      74,802**

             74,918

Capital lease, ending January 1, 2011

**            447**

                        -

          Gross amount of long-term debt

**    651,509**

          611,178

Less:

     Amount due within one year

**     (40,000)**

         (160,000)

     Unamortized premium and discount, net

**       (1,866)**

                 (626)

          Total long-term debt, net

** $  609,643**

   $     450,552

The amounts payable under long-term debtagreements for each year through 2010 and thereafter are listed below:

(THOUSANDS)

          2006

          2007

          2008

          2009

          2010

   THEREAFTER

Amounts payable under long-term debt agreements

$40,127

   $50,127

$100,127

$50,066

   $          -

   $411,062

At December 31, 2005 and 2004, Cleco hadno outstanding short-term debt.  Cleco did have $40.0 million of long-term debtdue within one year at December 31, 2005.

On June 1, 2005, Cleco Corporation paid at maturity$100.0 million principal amount of 8.75% Senior Notes.  On March 15, 2005, ClecoPower paid at maturity $60.0 million principal amount of 9.5% first mortgagebonds, Series X.  On July 6, 2005, Cleco Power issued $50.0 million of 4.95% SeniorNotes, due July 15, 2015.  On November 30, 2005, Cleco Power issued $150.0million of 6.50% Senior Notes due December 1, 2035.

The capital lease in the chart above is formobile computers with local area network capabilities.  The lease term is 

82

forfive years.  The mobile computers can be purchased at the end of the leaseterm.  The lease payments are due at the beginning of each month.  The monthlylease payment is derived by multiplying the total acquisition costs by 1.92%for a full month and 0.06% per day for a partial month.

The amounts payable under the capital leaseagreement for the next five years are listed below: 

(THOUSANDS)

               2006

             2007

               2008

              2009

            2010

Amounts payable under the capital lease agreement

        $      127

        $     127

        $      127

        $     66

        $        -

***Cleco Power***

Cleco Power's total indebtedness as of December31, 2005, and 2004, was as follows:

                                 AT DECEMBER  31,

(THOUSANDS)

**                   2005**

                  2004

First mortgage bonds Series X, 9.5%, due 2005

** $                -**

   $        60,000

Senior notes, 5.375%, due 2013

**      75,000**

             75,000

Senior notes, 4.95%, due 2015

**      50,000**

                        -

Senior notes, 6.50%, due 2035

**    150,000**

                        -

Pollution control revenue bonds, 5.875%, due  2029, callable after September 1, 2009

**      61,260**

             61,260

               Total bonds

**    336,260**

          196,260

Medium-term notes

     6.20%, due 2006

**      15,000**

             15,000

     6.32%, due 2006

**      15,000**

             15,000

     6.95%, due 2006

**      10,000**

             10,000

     6.53%, due 2007

**      10,000**

             10,000

     7.00%, due 2007

**      25,000**

             25,000

     7.50%, due 2007

**      15,000**

             15,000

     6.52%, due 2009

**      50,000**

             50,000

               Total medium-term notes

**    140,000**

          140,000

Insured quarterly notes

     6.05%, due 2012, callable after June 1, 2004

**      49,955**

             49,975

     6.125%, due 2017, callable after March 1,  2005

**      24,847**

             24,943

               Total insured quarterly notes

**      74,802**

             74,918

Capital lease, ending January 1, 2011

**            447**

                        -

               Gross amount of long-term debt

**    551,509**

          411,178

Less:

     Amount due within one year

**     (40,000)**

           (60,000)

     Unamortized premium and discount, net

**       (1,866)**

                 (626)

     Total long-term debt, net

** $   509,643**

   $     350,552

The amounts payable under long-term debtagreements for each year through 2010 and thereafter are listed below:

(THOUSANDS)

           2006

          2007

          2008

         2009

          2010

 THEREAFTER

Amounts payable under long-term debt agreements

   $40,127

   $50,127

   $           127

$50,066

   $          -

   $411,062

At December 31, 2005, and 2004, ClecoPower had no outstanding short-term debt.  Cleco Power did have $40.0 millionof long-term debt due within one year at December 31, 2005.  

On March 15, 2005, Cleco Power repaid at maturity$60.0 million principal amount of 9.5% first mortgage bonds, Series X.  On July6, 2005, Cleco Power issued $50.0 million of 4.95% Senior Notes due July 15,2015.  On November 30, 2005, Cleco Power issued $150.0 million of 6.50% SeniorNotes due December 1, 2035.

The capital lease in the chart above is for mobilecomputers with local area network capabilities.  The lease term is for fiveyears.  The mobile computers can be purchased at the end of the lease term.  Thelease payments are due at the beginning of each month.  The monthly leasepayment is derived by multiplying the total acquisition costs by 1.92% for afull month and 0.06% per day for a partial month.

The amounts payable under the capital leaseagreement for the next five years are listed below: 

(THOUSANDS)

               2006

             2007

               2008

              2009

            2010

Amounts payable under the capital lease agreement

        $      127

        $     127

        $      127

        $     66

        $        -

***Credit Facilities***

Cleco has two separate revolving credit facilities,one for Cleco Corporation and one for Cleco Power, with a maximum aggregatecapacity of $275.0 million.

Cleco Corporation has a revolving five-yearcredit facility with a maximum capacity of $150.0 million that matures in 2010. Cleco Corporation's borrowing costs under this facility are equal to LIBOR plus0.875%, including facility fees.  This facility provides for working capitaland other needs.  If Cleco Power defaults under the Cleco Power facility, thenCleco Corporation would be considered in default under the Cleco Corporationfacility.  At December 31, 2005, there were no outstanding draws under thiscredit facility, and Cleco Corporation was in compliance with the covenants inthis credit facility.  Off-balance sheet commitments entered into by Cleco withthird parties for certain types of transactions between those parties andCleco's subsidiaries, other than Cleco Power, reduce the amount of creditavailable to Cleco Corporation under the facility by an amount equal to thestated or determinable amount of the primary obligation.  At December 31, 2005,the $150.0 million of capacity was reduced by off-balance sheet commitments of$23.6, million leaving available capacity of $126.4 million.  An uncommittedline of credit with a bank in an amount up to $10.0 million also is availableto support Cleco Corporation's working capital needs.  This line of credit alsois available to Cleco Power.

Cleco Power has a revolving credit facility witha maximum capacity of $125.0 million that matures in 2010.  This facilityprovides for working capital and other needs.  Cleco Power's borrowing costunder this facility is equal to LIBOR plus 0.600%, including facility fees.  AtDecember 31, 2005, there were no outstanding draws under this credit facility,and Cleco Power was in compliance with the covenants in this credit facility.

***Interest Rate Swaps***

On February 20, 2004 and May 3, 2004,respectively, Cleco Corporation entered into two $50.0 millionfixed-to-floating interest rate swaps involving Cleco Corporation's 8.75%Senior Notes.  Under the swaps, the 8.75% fixed-rate on its Senior Notes wasswapped for floating rate exposure based on the 

83

six-month LIBOR on the last dayof each calculation period, plus agreed upon spreads of 6.615% and 6.03%, respectively,on the $50.0 million notional amounts associated with each of the swaps.  A netsettlement amount was paid semi-annually on June 1 and December 1.  Thefixed-rate senior notes matured, and the interest rate swaps terminated on June1, 2005.  For the years ended December 31, 2005, and 2004, Cleco Corporationpaid the swap counterparty a net settlement amount of $0.6 million and $0.1 million,respectively.

**Note 7 - Common Stock**

In connection with incentive compensation plans ineffect during the three-year period ended December 31, 2005, certain officersand key employees of Cleco were awarded shares of restricted Cleco Corporationcommon stock.  The cost of the restricted stock awards, as measured by the marketvalue of the common stock at the time of the grant, is recorded as compensationexpense during the periods, generally three years, in which the restrictionslapse.  As of December 31, 2005, Cleco had $5.3 million recorded as unamortizeddeferred compensation costs included in common equity.  Cleco Corporation doesnot have any equity compensation plans not approved by shareholders.  Foradditional information on compensation costs and restricted stock, see Note 2 -"Summary of Significant Accounting Policies - Stock-Based Compensation."

Cleco Corporation records no charge to expensewith respect to the granting of options at fair market value or above toemployees or directors.  Options may be granted to certain officers, keyemployees, or directors of Cleco.  A maximum of 3.2 million equity securities couldbe granted under Cleco's LTICP.  As of December 31, 2005, there wereapproximately 2.0 million incentive shares available for future grants underthe LTICP.  The directors' options have an exercise price approximately equalto the fair market value of the stock at grant date, are immediatelyexercisable, and expire after ten years.  The employees' options have anexercise price approximately equal to the fair market value of the stock atgrant date, vest one-third each year, beginning on the third anniversary of thegrant date, and expire after ten years.  In accordance with APB Opinion No. 25,no compensation expense for stock options granted has been recognized.

Changes in incentive shares for the three-yearperiod ended December 31, 2005, were as follows:

               OPTION                 PRICE        PER SHARE

INCENTIVE SHARE  UNEXERCISED       OPTION SHARES

AVAILABLE  FOR FUTURE  GRANTS

**Balance, January 1, 2003**

** **

          1,255,397

        693,948

Options exercised

     $   15.9375

                 (5,000)

                      -

Options exercised

     $   16.2500

                 (2,500)

                      -

Options forfeited

     $   16.1250

              (27,600)

                      -

Options forfeited

     $   18.4400

                 (2,400)

             2,400

Options forfeited

     $   22.2500

                 (8,000)

             8,000

Options forfeited

     $   24.2500

                 (5,500)

             5,500

Options granted (directors)

     $   14.8750

                15,000

         (15,000)

Options granted (directors)

     $   16.2500

                26,250

         (26,250)

Options granted - basic (employees)

     $   16.2500

                13,550

         (13,550)

Options granted - basic (employees)

     $   16.3750

                  9,000

            (9,000)

Restricted stock granted

** **

                           -

       (176,266)

Restricted stock forfeited

** **

                           -

           91,022

**Balance, December 31, 2003**

** **

          1,268,197

        560,804

Options exercised

     $   15.9375

                 (3,634)

                      -

Options exercised

     $   16.1250

              (16,333)

                      -

Options exercised

     $   18.1250

                 (2,500)

                      -

Options exercised

     $   16.2500

                 (1,000)

                      -

Options forfeited

     $   16.1250

                 (2,000)

                      -

Options forfeited

     $   22.2500

                 (7,034)

             7,034

Options forfeited

     $   24.2500

                 (5,000)

             5,000

Options granted (directors)

     $   17.7500

                15,000

         (15,000)

Restricted stock granted

** **
  -
       (185,735)

Restricted stock forfeited

** **
  -
        108,558

**Balance, December 31, 2004**

          1,245,696

        480,661

Amendment

     

     1,600,000

Options exercised

     $   16.1250

              (49,867)

                      -

Options exercised

     $   20.3800

              (75,334)

                      -

Options exercised

     $   18.4400

              (13,733)

                      -

Options exercised (directors)

     $   17.3150

                 (5,000)

                      -

Options exercised (directors)

     $   16.2500

                 (1,000)

                      -

Options forfeited

     $   20.3800

              (20,000)

                      -

Options forfeited

     $   18.4400

                    (833)

                 833

Options forfeited (directors)

     $   22.2500

                 (2,500)

             2,500

Options forfeited

     $   22.2500

              (39,333)

           39,333

Options forfeited

     $   24.2500

                 (8,667)

             8,667

Options forfeited

     $   16.2500

                 (5,700)

             5,700

Restricted stock granted

                        -   

       (169,116)

**Balance, December 31, 2005**

**   1,023,729**

**   1,968,578**

84

The following table summarizesinformation about employee and director stock options outstanding at December31, 2005:

** **

WEIGHTED
** **

 AVERAGE

** **

NUMBER
     WEIGHTED

 REMAINING

              RANGE  OF

** **

 NUMBER

EXERCISABLE AT

AVERAGE

CONTRACTUAL LIFE

   EXERCISE PRICE

** **

OUTSTANDING

 12/31/2005

EXERCISE PRICE

        IN  YEARS

     $        15.938

** **

               14,704

               14,704

     $        15.938

                       2.32

     $        15.938

               10,000

               10,000

     $        15.938

                       3.38

     $        16.125

            149,600

            149,600

     $        16.125

                       3.56

     $        19.205             to 21.58

            376,800

            376,800

     $        20.380

                       3.56

     $        15.938

                     556

                     556

     $        15.938

                       3.96

     $        17.315

               21,667

               21,667

     $        17.315

                       4.33

     $          20.62              to 23.17

               38,000

               25,333

     $        21.883

                       4.33

     $          18.44

               20,834

               20,834

     $        18.440

                       4.58

     $          21.96             to 24.675

               54,000

               54,000

     $        23.305

                       4.58

     $      22.6875

               10,000

               10,000

     $        22.688

                       5.32

     $          23.25

                 3,334

                 3,334

     $        23.250

                       5.42

     $          22.25

            157,034

            113,023

     $        22.250

                       5.57

     $        20.375

                 9,000

                 6,000

     $        20.375

                       5.75

     $          24.25

** **

               49,600

               16,533

     $        24.250

                       6.30

     $          24.00

               20,000

                 6,667

     $        24.000

                       6.32

     $        18.125

               20,000

               20,000

     $        18.125

                       6.55

     $        14.875

               15,000

               15,000

     $        14.875

                       7.32

     $          16.25

               29,600

               22,750

     $        16.250

                       7.57

     $        16.375

                 9,000

                          -

     $        16.375

                       7.76

     $          17.75

               15,000

               15,000

     $        17.750

                       8.32

***Retained Earnings Restrictions***

Various debt agreements contain covenants thatrestrict the amount of retained earnings that may be distributed as dividendsto common shareholders.  The most restrictive covenant requires ClecoCorporation's total indebtedness to be less than or equal to 70% of total capitalization. At December 31, 2005, approximately $334.7 million of retained earnings wereunrestricted.

***Shareholder RightsPlan***

In July 2000, Cleco Corporation's Board ofDirectors adopted the Shareholder Rights Plan (Rights Plan).  Under the RightsPlan, the holders of common stock as of August 14, 2000, received a dividend ofone right for each share of common stock held on that date.  In the event anacquiring party accumulates 15% or more of Cleco Corporation's common stock,the rights would, in essence, allow the holder to purchase Cleco Corporation'scommon stock at half the current fair market value.  Cleco Corporationgenerally would be entitled to redeem the rights at $.01 per right at any timeuntil the tenth day following the time the rights become exercisable. The rights expire on July 30, 2010.

***Employee StockPurchase Plan***

In January 2000, Cleco Corporation's Board ofDirectors adopted the ESPP.  Shareholders approved the plan in April 2000, andthe plan was implemented on October 1, 2000.

Regular, full-time, and part-time employees ofCleco Corporation and its participating subsidiaries, except officers, generalmanagers, and employees who own 5% or more of Cleco Corporation's stock, mayparticipate in the ESPP.  An eligible employee enters into an option agreementto become a participant in the ESPP.  Under the agreement, the employeeauthorizes payroll deductions in an amount not less than $10 but not more than$350 each pay period.  Payroll deductions are accumulated during a calendarquarter and applied to the purchase of common stock at the end of each quarter,which is referred to as an "offering period."  Pending the purchase of commonstock, payroll deductions remain as general assets of Cleco.  No trust or otherfiduciary account has been established in connection with the ESPP.  At the endof each offering period, payroll deductions are automatically applied to thepurchase of shares of common stock.  The number of shares of common stockpurchased is determined by dividing each participant's payroll deductionsduring the offering period by the option price of a share of common stock.  Theoption price of a share of common stock was equal to 85% of the lower of theclosing price at the beginning or the end of each offering period.  EffectiveJanuary 1, 2006, the option price of a share of common stock will be equal to95% of the price of stock on the last trading day of each offering period.

A maximum of 684,000 shares of common stock maybe purchased under the ESPP, subject to adjustment for changes in the capitalizationof Cleco Corporation.  The Compensation Committee of Cleco Corporation's Boardof Directors administers the ESPP.  The Compensation Committee and the Board ofDirectors each possess the authority to amend the ESPP, but shareholderapproval is required for any amendment that increases the number of sharescovered by the ESPP.  As of December 31, 2005, there were 486,828 shares ofcommon stock left to be purchased under the ESPP.

***Common Stock Issuance***

On November 9, 2004, Cleco Corporation issued 2.0million shares of common stock in a public offering.  Net proceeds from theissuance were approximately $35.7 million.

***Common Stock RepurchaseProgram***

In 1991, Cleco Corporation began a common stockrepurchase program in which up to $30.0 million of common stock may be repurchased. At December 31, 2005, approximately $16.1 million of common stock was availablefor repurchase under this program.  Purchases are made on a discretionary basisat times and in amounts as determined by management, subject to marketconditions, legal requirements, and other factors.  The purchases may not beannounced in advance and may be made in the open market or in privately negotiatedtransactions.  Cleco Corporation did not purchase any common stock under therepurchase plan in 2005, 2004, or 2003.  There is no expiration date for the program.

**Note 8 - Preferred Stock**

Within the ESOP, each share of Cleco Corporation 8.125%Convertible Preferred Stock Series of 1991 is convertible into 9.6 shares ofCleco Corporation common stock.  The annual dividend rate on the ClecoCorporation ESOP preferred stock 

85

is generally the higher of $8.125 per share or9.6 times the Cleco Corporation common stock annual dividend.

The amount of total capitalization reflected inCleco Corporation's Consolidated Financial Statements has been reduced by anamount of deferred compensation expense related to the shares of convertiblepreferred stock that have not yet been allocated to ESOP participants.  Theamounts shown in Cleco Corporation's Consolidated Financial Statements forpreferred dividend requirements in 2005, 2004, and 2003 have been reduced byapproximately $17,000, $124,000, and $187,000, respectively, to reflect thebenefit of the income tax deduction for dividend requirements on unallocatedshares held by the ESOP.

Upon involuntary liquidation of their stock,preferred shareholders are entitled to receive par value for shares held beforeany distribution is made to common shareholders.  Upon voluntary liquidation,preferred shareholders are entitled to receive the redemption price per shareapplicable at the time such liquidation occurs, plus any accrued dividends.

Information about the components of preferredstock capitalization is as follows:

          BALANCE

          BALANCE

          BALANCE

** **

** **

**            BALANCE**

               JAN. 1,

            DEC. 31,

            DEC. 31,

** **

** **

**             DEC.  31,**

(THOUSANDS, EXCEPT SHARE AMOUNTS)

                2003

            CHANGE

                2003

            CHANGE

                2004

**           CHANGE**

** **

**                   2005**

Cumulative preferred stock, $100 par value

     Not subject to mandatory redemption 4.50%

   $        1,029

   $                 -

   $        1,029

   $                 -

   $        1,029

** $              -**

** $      1,029**

     Convertible, Series of 1991, Variable rate

           25,549

            (1,254)

           24,295

            (1,908)

           22,387

**     (1,599)**

**      20,788**

Preferred stock not subject to mandatory  redemption

   $      26,578

   $       (1,254)

   $      25,324

   $       (1,908)

   $      23,416

** $   (1,599)**

** $    21,817**

Deferred compensation related to convertible preferred  stock held by the ESOP

   $     (9,070)

   $         2,463

   $     (6,607)

   $          2,417

   $     (4,190)

**  $     2,407**

**  $   (1,783)**

Cumulative preferred stock, $100 par value

     Number of shares

          Authorized

     1,491,900

                      -

     1,491,900

                      -

     1,491,900

**               -**

** 1,491,900**

          Issued and outstanding

        265,780

         (12,540)

        253,240

         (19,080)

        234,160

**   (15,990)**

**    218,170**

Cumulative preferred stock, $25 par value

     Number of shares authorized (None  outstanding)

     3,000,000

     3,000,000

     3,000,000

** 3,000,000**

Preferred stock, other than the convertiblepreferred stock held by the ESOP, is redeemable at Cleco Corporation's option,subject to 30 days' prior written notice to shareholders.  The convertiblepreferred stock is redeemable at any time at Cleco Corporation's option.  IfCleco Corporation was to elect to redeem the convertible preferred stock,shareholders could elect to receive the optional redemption price or convertthe preferred stock into common stock.  The redemption provisions for thevarious series of preferred stock are shown in the following table.

        OPTIONAL REDEMPTION  PRICE PER SHARE

Series

4.50%

                              $   101

Convertible, Series of 1991

                              $   100

**Note 9 - Pension Plan andEmployee Benefits**

***Pension Plan and OtherBenefits Plan***

Most employees are covered by a noncontributory,defined benefit pension plan.  Benefits under the plan reflect an employee'syears of service, age at retirement, and highest total average compensation forany consecutive five calendar years during the last 10 years of employment withCleco Corporation.  Cleco Corporation's policy is to base its contributions tothe employee pension plan upon actuarial computations utilizing the projectedunit credit method, subject to the Internal Revenue Service's full fundinglimitation.  Discretionary contributions of $14.0 million and $2.9 million weremade during 2004 and 2003, respectively.  No contributions to the pension planwere made in 2005.  Currently, a contribution required by funding regulationsis not expected during 2006.  A discretionary contribution may be made during2006; however, the decision by management to make a contribution and theamount, if any, has not been determined.  Cleco Power is considered the plansponsor, and Support Group is considered the plan administrator.

Cleco Corporation's retirees and theirdependents are eligible to receive medical, dental, vision, and life insurancebenefits (other benefits).  Cleco Corporation recognizes the expected cost ofthese benefits during the periods in which the benefits are earned.

86

The employee pension plan and other benefitsobligation plan assets and funded status at December 31, 2005, and 2004, are presentedin the following table.
   
                     PENSION BENEFITS

                        OTHER BENEFITS

(THOUSANDS)

**              2005**

              2004

**              2005**

              2004

Change in benefit obligation

     Benefit obligation at beginning of year

**$   238,598**

   $   218,076

**  $    40,555**

   $   37,522

     Service cost

**     6,794**

           6,086

**     2,150**

           2,300

     Interest cost

**   13,308**

        12,642

**     2,048**

           2,398

     Plan participants' contributions

**             -**

                    -

**        777**

              512

     Amendments

**             -**

                    -

**    (8,618)**

         (6,199)

     Actuarial loss/(gain)

**     9,161**

        12,816

**    (1,099)**

           6,072

     Expenses paid

**    (1,257)**

         (1,183)

**             -**

                    -

     Benefits paid

** (10,383)**

         (9,839)

**    (3,315)**

         (2,050)

     Benefit obligation at end of  year

**  256,221**

      238,598

**   32,498**

        40,555

Change in plan assets

     Fair value of plan assets at beginning  of year

**  219,578**

      193,201

**             -**

                    -

     Actual return on plan assets

**   17,327**

        23,399

**             -**

                    -

     Employer contribution

**             -**

        14,000

**             -**

                    -

     Expenses paid

**    (1,257)**

         (1,183)

**             -**

                    -

     Benefits paid

** (10,383)**

         (9,839)

**             -**

                    -

     Fair value of plan assets at end of  year

**  225,265**

      219,578

**             -**

                    -

Funded status

** (30,956)**

       (19,020)

** (32,498)**

       (40,555)

     Unrecognized net actuarial loss  

**   52,837**

        43,652

**   14,344**

        16,268

     Unrecognized transition obligation/(asset)

**             -**

                    -

**        173**

           3,817

     Unrecognized prior service cost

**     7,529**

           8,514

**  (10,485)**

         (6,199)

     Prepaid (accrued) benefit cost

**  $    29,410**

   $    33,146

**  $  (28,466)**

   $  (26,669)

The employee pension plan accumulatedbenefit obligation at December 31, 2005, and 2004, is presented in the followingtable.

 PENSION BENEFITS

(THOUSANDS)

                **2005**

 2004

Accumulated benefit obligation

** $  213,744**

   $ 196,776

The components of net periodic pensionand other benefits cost (income) for 2005, 2004, and 2003 are as follows:

** **

         PENSION BENEFITS

OTHER BENEFITS
(THOUSANDS)

**          2005**

         2004

         2003

           **2005**

         2004

         2003

Components of periodic benefit costs

** **

     Service cost

**         $  6,794**

** **

   $ 6,086

   $ 5,354

** $  2,150**

   $ 2,300

   $ 1,771

     Interest cost  

**13,308**

** **

    12,642

    12,292

** 2,048**

      2,399

      2,102

     Expected return on plan assets

**(18,366)**

** **

   (17,410)

   (17,714)

**          -**

               -

               -

     Amortization of  transition obligation (asset)

**          -**

** **

           (37)

     (1,318)

**        20**

          389

          389

     Prior period service cost amortization

**     986**

** **

          986

          986

**    (708)**

               -

               -

     Net (gain) loss amortization

**  1,015**

** **

            64

               -

**      825**

          841

          458

     Net periodic benefit cost (income)

**$ 3,737**

** **

   $ 2,331

   $   (400)

**  $  4,335**

   $ 5,929

   $ 4,720

Since Cleco Power is thepension plan sponsor and the related trust holds the assets, the prepaidbenefit cost of the pension plan is reflected at Cleco Power.  The liability ofCleco Corporation's other subsidiaries is transferred, with a like amount ofassets, to Cleco Power monthly.  The expense of the pension plan related toCleco Corporation's other subsidiaries for the years ending December 31, 2005,2004, and 2003 was $2.2 million, $2.1 million, and $1.6 million, respectively. 

Cleco Corporation is the plan sponsor for the otherbenefit plans.  There are no assets set aside in a trust, and the liabilitiesare reported on the individual subsidiaries' financial statements.  The expenserelated to other benefits reflected on Cleco Power's Statement of Income forthe year ending December 31, 2005, and 2004, was $3.7 million and $5.0 million,net of the estimated Medicare Part D subsidy of $0.9 million and $0.7 million. For the year ending December 31, 2003, Cleco Power recognized an expense of$3.3 million.  Cleco Power's allocated amount of the other benefit liabilitywas $22.5 million and $21.2 million at December 31, 2005, and 2004, respectively.

The measurement date used to determine thepension and other postretirement benefits is December 31.  The assumptions usedto determine the benefit obligation and the periodic costs are as follows:

              PENSION  BENEFITS

              OTHER  BENEFITS

**             2005**

           2004

**           2005**

             2004

Weighted-average assumptions used to determine  the benefit obligation as of December 31:

     Discount rate

**    5.50%**

       5.75%

**    5.50%**

         5.75%

     Expected return on plan assets

**    8.40%**

       8.50%

**         N/A**

             N/A

     Rate of compensation increase

**    4.65%**

       4.59%

**         N/A**

             N/A

 

** **

** **

PENSION BENEFITS
OTHER BENEFITS
**           2005**

** **

           2004

** **

          2003

           **2005**

          2004

          2003

Weighted-average assumptions used to determine  the net benefit cost (income) for the year ended December 31:

 

 

 

 

 

 

     Discount rate

** 5.75%**

      6.00%

      6.50%

** 5.75%**

      6.00%

      6.50%

     Expected return on plan assets

**  8.50%**

      8.70%

      9.00%

**       N/A**

           N/A

           N/A

     Rate of compensation increase

**  4.65%**

      4.59%

      5.00%

**       N/A**

           N/A

           N/A

The expected return on plan assets wasdetermined by examining the risk profile of each target category as compared tothe expected return on that risk, within the parameters determined by theretirement committee.  The result was compared to the expected rate of returnof other comparable plans to ensure Cleco Corporation's estimation was within areasonable range.  In assessing the risk as compared to return profile,historical returns as compared to risk was one factor considered.  Thehistorical risk compared to returns was adjusted for the expected futurelong-term relationship between risk and return.  The adjustment for the futurerisk 

87

compared to returns was, in part, subjective and not based on any measurable orobservable events.

Employee pensionplan assets may be invested in publicly traded domestic common stocks,including Cleco Corporation common stock; U.S. government, federal agency andcorporate obligations; an international equity fund, commercial real estatefunds; a hedge fund-of-funds; and pooled temporary investments.  The tablebelow shows a breakdown of the plan assets by investment category based onmarket values at December 31, 2005, and 2004.

                       PENSION BENEFITS

**2005**

 2004

Fair value of plan assets by category

     Debt securities

          Short-term investment funds

**        1.8%**

              2.0%

          U.S. Government obligations

**        8.3%**

           10.5%

          Domestic corporate obligations

**      11.6%**

           12.8%

          International corporate obligations

**        0.3%**

              0.2%

     Equity securities

          Domestic corporate stock

**      44.2%**

           44.0%

          International corporate stock

**      20.3%**

           24.5%

     Real estate

**        8.2%**

              5.9%

     Hedge fund of funds

**        5.2%**

                    -

     Other assets

**        0.1%**

              0.1%

At December 31, 2003, the pension planheld 28,292 shares of Cleco Corporation common stock.  In May 2004, the pensionplan disposed of its 28,292 shares of Cleco Corporation common stock and as ofDecember 31, 2005, held no shares of Cleco Corporation common stock.  None ofthe plan participants' future annual benefits is covered by insurancecontracts.

Cleco Corporation'sretirement committee has established investment performance objectives of thepension plan assets.  Over a three- to five-year period, the objectives are forthe pension plan's annualized total return to:
-  Exceedthe assumed rate of return on plan assets;
-  Exceedthe annualized total return of a customized index consisting of a mixture ofStandard & Poor's 500 Index, Russell Mid Cap Value Index, Morgan StanleyCapital International Europe, Australia, Far East Index, Lehman Brothers U.S.Universal Index, and the median real estate manager performance in the HewittInvestment Group open end real estate universe; and
-  Rankin the upper 50 percent of a universe of composite pension funds.

In order to meet the objectives and tocontrol risk, the retirement committee has established guidelines that the investmentmanagers must follow.

*Domestic Equity Portfolios*
-  Equityholdings of a single company must not exceed 10% of the manager's portfolio. 
-  Aminimum of 25 stocks should be owned.
-  Equityholdings in a single sector should not exceed the lesser of three times thesector's weighting in the Standard & Poor's 500 Index or 35% of the portfolio. 

*International**Equity Portfolios*
-  Equityholdings of a single company should not exceed 5% of the manager's portfolio. 
-  Aminimum of 30 stocks should be owned.
-  Equityholdings in a single sector should not exceed 35%.
-  Currencyhedging decisions are at the discretion of the investment manager.

*Debt Portfolios*
-  Atleast 85% of the debt securities should be "investment grade" securities (BBB-by Standard & Poor's or Baa3 by Moody's) or higher.
-  Bondpurchases should be limited to readily marketable securities.

*Real Estate Portfolios*
-  Realestate funds should be invested primarily in direct equity positions, with debtand other investments representing less than 25% of the fund.
-  Leverageshould be less than 70% of the market value of the fund.
-  Investmentsshould be focused on existing income-producing properties, with land anddevelopment properties representing less than 40% of the fund.

*Hedge Fund-of-Funds*
-  Thefund should be invested in a minimum of 20 individual partnerships.
-  Noindividual partnership should exceed 10% of the fund-of-funds.
-  Thefund should be diversified across several different "styles" of partnerships,including event-driven strategies, fixed income arbitrage and trading, andother arbitrage strategies.  The fund generally should not be invested inemerging markets, short-term only, traditional Commodity Trading Advisor's orderivative-only strategies.

During 2004, the Cleco retirementcommittee approved a change in the policy concerning the use of derivatives. Fund managers are allowed limited use of derivatives, subject to policies andguidelines established by the committee and to the following restrictions:
-  Derivativesmay be used only if the vehicle is deemed by the manager to be more attractivethan a similar investment in the underlying cash market; or if the vehicle isbeing used to manage risk of the portfolio.
-  Thederivatives may not be used in a speculative manner or to leverage theportfolio.
-  Thederivatives may not be used as short-term trading vehicles.
-  Investmentmanagers shall alert the retirement committee, in writing, before engaging instrategies which use derivatives.  The written communication shall include thenature and purpose of the strategy, a quantification of the magnitude of theprogram in absolute dollar terms, 

88

an outline of the methods to be used tomonitor the program, and an outline of the process to be followed in reportingon commitments relative to established guidelines and on the success of theproposed strategy.

Due to the nature of the hedgefund-of-funds, its manager is exempt from the above derivative policy.

The retirement committee has established thefollowing investment asset allocation target percentages for the pension planassets.

 PERCENT OF TOTAL  PLAN ASSETS*

       MINIMUM

          TARGET

      MAXIMUM

Equity

     Domestic

            39%

            47%

            55%

     International

            13%

            18%

            23%

Total equity

            60%

            65%

            70%

Debt securities

            18%

            23%

            28%

Real estate

               4%

               7%

            10%

Hedge fund-of-funds

               2%

               5%

               8%

Cash equivalents

               0%

               0%

               5%

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

On December 8, 2003, the President signedinto law the Medicare Prescription Drug, Improvement and Modernization Act of2003 (the Act).  The Act introduces a prescription drug benefit under Medicare(Medicare Part D), as well as a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuariallyequivalent to Medicare Part D.  In May 2004, the FASB issued FSP SFAS No. 106-2to provide guidance on accounting for the effects of the Act by employers whoseprescription drug benefits are actuarially equivalent to the drug benefit underMedicare Part D.  FSP SFAS No. 106-2 is effective as of the first interimperiod beginning after June 15, 2004.

Cleco adopted FSP SFAS No. 106-2 on July 1, 2004. Final requirements to determine actuarial equivalence were issued on January21, 2005.  Cleco with consideration of input from its actuarial advisors,determined that benefits provided by the plan as of the date of enactment areat least actuarially equivalent to Medicare Part D.  FSP SFAS No. 106-2provides two methods of transition, including retroactive application to eitherthe date of enactment or the next normal measurement date after the enactmentor prospective application from the date of adoption.  Cleco has elected retroactiveapplication to the next normal measurement date after enactment, which forCleco, was January 1, 2004.

The estimated impact of future Medicare subsidies reducedthe January 1, 2005 and 2004, accumulated post-retirement benefit obligation by$6.9 million and $4.7 million, respectively, and reduced the other benefitcosts for the twelve months ended December 31, 2005, and 2004, as follows:

 AT DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

Components of other benefit costs:

     Reduction in service cost

**$      350**

   $         252

     Reduction in interest cost

**        376**

              280

     Reduction in net loss amortization

**        440**

              340

     Reduction in prior period service cost  amortization 

**         (66)**

                    -

     Reduction in net other benefit cost

**$  1,100**

   $         872

The assumed health care cost trend ratesused to measure the expected cost of other benefits were 9.0% in 2005, 10.0% in2004, and 11.0% in 2003.  The rate declines to 5.0% by 2010 and remains at 5.0%thereafter.  Assumed health care cost trend rates have a significant effect onthe amount reported for the health care plans.  A one-percentage point changein assumed health care cost trend rates would have the following effects onother benefits:

             ONE-PERCENTAGE POINT

(THOUSANDS)

       INCREASE

      DECREASE

Effect on total of service and interest cost  components

   $         321

   $        (310)

Effect on post-retirement benefit obligation

   $         723

   $        (888)

The projected benefit payments andprojected receipts pursuant to Medicare Part D subsidy, the employee pensionplan, and other benefits obligation plan for each year through 2010 and thenext five years thereafter are listed below:

  (THOUSANDS)

         2006

         2007

         2008

         2009

         2010

   NEXT FIVE   YEARS

Pension plan

$ 10,049

$ 10,116

$ 10,222

$ 10,347

$ 10,511

   $   60,081

Other benefits obligation plan, gross

$   2,317

$   2,467

$   2,577

$   2,596

$   2,698

   $   15,717

Medicare Part D subsidy receipts

$      202

$      232

$      262

$      302

$      332

   $     2,187

***SERP***

Certain key executives and key managers arecovered by a SERP.  The SERP is a non-qualified, non-contributory, definedbenefit pension plan.  Benefits under the plan reflect an employee's years of service,age at retirement, and the sum of the highest base salary paid out of the lastfive calendar years and the average of the three highest bonuses paid duringthe last 60 months prior to retirement, reduced by benefits received from anyother defined benefit pension plan.  Cleco Corporation does not fund the SERPliability, but instead pays for current benefits out of the general fundsavailable.  Cleco Power has formed a Rabbi Trust designated as the beneficiaryfor life insurance policies issued on the SERP participants.  Proceeds from thelife insurance policies are expected to be used to pay SERP participants' lifeinsurance benefits, as well as future SERP payments.  However, since this is anon-qualified plan, the assets of the trust could be used to satisfy 

89

generalcreditors of Cleco Power in the event of insolvency.  No contributions to theSERP were made during the three-year period ended December 31, 2005.  ClecoPower is considered the plan sponsor, and Support Group is considered the planadministrator.

The SERP's assets and funded status at December31, 2005, and 2004, are presented in the following table.

                           SERP BENEFITS

(THOUSANDS)

**              2005**

              2004

Change in benefit obligation

     Benefit obligation at beginning of year

**$     21,918**

   $   20,496

     Service cost

**     1,281**

              924

     Interest cost

**     1,390**

           1,164

     Amendments

**             -**

                    -

     Actuarial loss

**     3,763**

              180

     Benefits paid

**       (974)**

             (846)

     Benefit obligation at end of year

**   27,378**

        21,918

Funded status

** (27,378)**

       (21,918)

     Unrecognized net actuarial loss

**   12,070**

           9,003

     Unrecognized prior service cost

**        655**

              708

          Accrued benefit cost

**$  (14,653)**

   $  (12,207)

Amounts recognized in the statement of financial  position consist of:

     Accrued benefit costs

**$  (22,252)**

   $  (18,254)

     Intangible asset

**        655**

              708

     Accumulated other comprehensive loss

**     6,944**

           5,339

     Net amount recognized

**$  (14,653)**

   $  (12,207)

The SERP's accumulated benefit obligationat December 31, 2005, and 2004, is presented in the following table.

SERP BENEFITS

(THOUSANDS)

**          2005**

 2004

Accumulated benefit obligation

** $ 22,252**

   $   18,254

The components of the net SERP cost for2005, 2004, and 2003 are as follows:

** **

SERP BENEFITS

(THOUSANDS)

**              2005**

 2004

 2003

Components of periodic benefit costs

Service cost

** $ 1,281**

   $         924

   $         564

Interest cost

**     1,390**

           1,164

           1,155

Amortization of transition obligation

**             -**

                    -

                    -

Prior period service cost amortization

**          54**

                 53

                 54

Net loss amortization

**        696**

              470

              434

Net periodic benefit cost

** $ 3,421**

   $      2,611

   $      2,207

To calculate periodic costs and thebenefit obligation, the SERP uses the same discount rate and average rate of compensationincrease as the employee pension plan for the same time periods.  The SERP alsouses the same measurement dates.  The expected return on plan assets is notapplicable since the SERP has no assets.

The SERP has no assets, and the liabilities arereported on the individual subsidiaries' financial statements.  The expenserelated to the SERP reflected on Cleco Power's statements of income for theyears ending December 31, 2005, 2004, and 2003 was $1.0 million, $0.7 million,and $0.6 million, respectively.  Cleco Power's allocated amount of the SERPliability was $6.3 million and $5.7 million at December 31, 2005, and 2004,respectively.  Cleco Corporation's other subsidiaries reflected expense relative to SERP of $2.4 million, $1.9 million, and $1.7million for the years ending December 31, 2005, 2004, and 2003, respectively. At December 31, 2005, and 2004, Cleco Corporation's other subsidiaries'allocated amount of SERP liability was $8.4 million and $6.5 million, respectively.

During 2005, Cleco recorded a reduction in othercomprehensive income of $1.6 million, net of the associated tax benefit of $0.6million.  The reduction was primarily due to the recognition of an additional minimumpension liability for the SERP, as defined by SFAS No. 87.  During 2004, Clecorecorded an increase in other comprehensive income of $0.4 million, net of theassociated income tax expense of $0.2 million.  The increase was primarily dueto the reduction of the minimum pension liability for the SERP, as defined bySFAS No. 87.  The accumulated other comprehensive loss, net of income tax,associated with the recognition of the minimum pension liability for the SERP is$4.3 million.

The projected benefit payments for the SERP foreach year through 2010 and the next five years thereafter are listed below:

  (THOUSANDS)

         2006

         2007

         2008

         2009

         2010

NEXT FIVE  YEARS
SERP

$      967

$   1,013

$   1,066

$   1,121

$   1,277

   $      8,353

***401(k)/ESOP Plan***

Most employees are eligible to participate in a401(k) savings and investment plan.  Cleco Corporation makes matching contributionsto 401(k) Plan participants by allocating shares of convertible preferred stockheld by the ESOP.  Compensation expense related to the 401(k) Plan is basedupon the value of shares of preferred stock allocated to ESOP participants andthe amount of interest incurred by the ESOP, less dividends on unallocatedshares held by the ESOP.  At December 31, 2005, and 2004, the ESOP hadallocated to employees 203,001 and 198,535 shares, respectively.

The table below contains information about the401(k) Plan and the ESOP:

                       FOR THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

              2003

401(k) Plan expense

** $  1,295**

   $         847

   $      1,205

Dividend requirements to ESOP on convertible  preferred stock

**  $  1,835**

   $      2,294

   $      2,002

Interest incurred by ESOP on its indebtedness

** $     171**

   $         344

   $         564

Company contributions to ESOP

** $     243**

   $         711

   $      1,212

Cleco Power is the plan sponsor for the401(k) Plan.  The expense of the 401(k) Plan related to Cleco Corporation'sother subsidiaries was $0.3 million, $0.2 million, and $0.4 million for theyears ending December 31, 2005, 2004, and 2003, respectively.  The expense relatedto the dividend requirements of the ESOP on convertible preferred stock isreflected on Cleco Corporation's income statement for the years ended December31, 2005, 2004, and 2003.

  90

**Note 10 - Income Taxes**

***Cleco***

For the year ended December 31, 2005, and December31, 2004, federal income tax expense is less than the amount computed byapplying the statutory federal rate to income before tax.  For the year endedDecember 31, 2003, the federal income tax benefit is greater than the amount computedby applying the statutory federal rate to the loss before tax.  The differencesare as follows:

FOR THE YEAR ENDED DECEMBER 31,

** **

** **

**              2005**

              2004

              2003

(THOUSANDS, EXCEPT FOR %)

**AMOUNT**

** **

**%**

AMOUNT

                   %

AMOUNT
                   %

Income (loss) before tax

**$ 298,929**

**     100.0**

$  101,983

          100.0

   $  (51,185)

          100.0

Tax at statutory rate on book income (loss)  before tax

**$ 104,625**

**       35.0**

$    35,694

             35.0

   $  (17,915)

             35.0

Increase (decrease):

     Tax effect of AFUDC

**    (1,871)**

**        (0.6)**

         (2,068)

              (2.0)

         (1,813)

               3.5

     Amortization of investment tax credits

**    (1,671)**

**        (0.6)**

         (1,712)

              (1.7)

         (1,728)

               3.3

     Tax effect of prior-year tax benefits not  deferred

**     3,200**

**         1.1**

           3,069

               3.0

           3,133

              (6.1)

     Other, net

**       (365)**

**        (0.1)**

         (1,879)

              (1.8)

                 24

                   -

Total federal income tax expense (benefit)

**103,918**

**       34.8**

        33,104

             32.5

       (18,299)

             35.7

Current and deferred state income tax expense (benefit),  net of federal benefit for state income tax expense (benefit)

**   12,033**

**         4.0**

           2,760

               2.7

         (3,118)

               6.1

Total federal and state income tax expense (benefit)

**$ 115,951**

**       38.8**

   $   35,864

             35.2

   $  (21,417)

             41.8

Information about current and deferred income tax expenseis as follows:

                      FOR THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**             2005**

              2004

              2003

Current federal income tax expense (benefit)

**$   10,115**

   $      6,181

   $  (18,296)

Deferred federal income tax expense

**   91,512**

        28,099

           3,509

Amortization of accumulated deferred investment  tax credits

**   (1,671)**

         (1,712)

         (1,729)

Total federal income tax expense (benefit)

**   99,956**

        32,568

       (16,516)

Current state income tax expense  

**     2,985**

           2,034

           2,359

Deferred state income tax expense (benefit)

**   13,010**

           1,262

         (7,260)

Total state income tax expense (benefit)  

**   15,995**

           3,296

         (4,901)

Total federal and state income tax expense (benefit)

**115,951**

        35,864

       (21,417)

Discontinued operations

     Income tax expense from income (loss) from  operations:

          Federal current

**       (683)**

             (155)

               (68)

          Federal deferred

**        518**

             (680)

         (2,511)

          State current

**             -**

               (20)

                 23

          State deferred

**             -**

                  (3)

                  (1)

     Total tax expense (benefit) from income  (loss) from discontinued operations

**       (165)**

             (858)

         (2,557)

     Income tax expense from gain on disposal of  segment:

          Federal current

**             -**

             (662)

                    -

          Federal deferred

**             -**

           1,569

                    -

     Total tax expense from gain on disposal of  segment

**             -**

              907

                    -

Items charged or credited directly to  stockholders' equity

          Federal deferred

**       (550)**

              198

                 25

          State deferred

**         (89)**

                 31

                   4

     Total tax (benefit) expense  from items  charged directly to stockholders' equity

**       (639)**

              229

                 29

     Total federal and state income tax expense  (benefit)

**$ 115,147**

   $   36,142

   $  (23,945)
 
The balance ofaccumulated deferred federal and state income tax assets and liabilities atDecember 31, 2005, and 2004, was comprised of the tax effect of the following:

** **

** **

     AT  DECEMBER 31,

** **

** **

**                  2005**

                    2004

(THOUSANDS)

**       CURRENT**

** **

**   NONCURRENT**

         CURRENT

NONCURRENT

Depreciation and property basis differences

**  $  (17,614)**

**$ (357,925)**

   $               -

   $     (277,936)

State net operating tax losses

**     2,303**

**        2,060**

                    -

                 8,707

SERP - other comprehensive income

**             -**

**        2,617**

                    -

                 1,819

AFUDC

**             -**

**    (32,185)**

                    -

            (33,000)

Investment tax credits

**             -**

**        8,893**

                    -

                 9,844

SFAS No. 109 adjustments:
      
          Nonplant flow through

**             -**

**      (4,935)**

                    -

               (3,282)

          Depreciation and property  basis differences flow through

**             -**

**    (53,220)**

                    -

            (56,804)

          Prior years flow through

**             -**

**      (9,226)**

                    -

               (9,317)

Post retirement benefits other than pension

**     3,798**

**        9,382**

           2,760

                 5,090

Other

**    (5,889)**

**    (14,590)**

           2,007

            (13,967)

     Accumulated deferred federal and state income  taxes

**  $  (17,402)**

**$ (449,129)**

   $      4,767

   $     (368,846)

91

Management considers it more likely thannot that all deferred tax assets will be realized.  Consequently, deferred taxassets have not been reduced by a valuation allowance.

During 2005, the LPSC required Cleco to recorddeferred tax expense and normalize the state tax benefit derived from thecasualty losses relating to Hurricanes Katrina and Rita.  Generally, the LPSCrequires that Cleco Power flow through impacts of state income taxes to currentearnings; however, the LPSC found normalization for state taxes related tostorm deductions to be more appropriate due to the size of such deductions.  Thischange in treatment resulted in additional deferred state income tax expense in2005.

The state net operating tax loss consists of $33.5million of carryforwards that expire in 2019 and $66.2 million of carryforwardsthat expire in 2021.  Deferred state tax benefits are available to the extentthat Cleco has state taxable income prior to expiration of the carryforwards.  AlthoughCleco currently has not provided a valuation allowance to reduce the state netoperating tax loss, a valuation may be provided in the future if estimates offuture taxable state income are reduced.

***Cleco Power***

Federal income tax expense is less than the amountcomputed by applying the statutory federal rate to income before tax, asfollows:

                        FOR THE YEAR ENDED DECEMBER 31,

** **

** **

**              2005**

              2004

              2003

(THOUSANDS, EXCEPT FOR %)

**        AMOUNT**

** **

**                  %**

          AMOUNT

                   %

          AMOUNT

                   %

Income before tax

** $   96,576**

**     100.0**

   $   79,893

          100.0

   $   86,854

          100.0

Tax at statutory rate on book income before tax

** $   33,801**

**       35.0**

   $   27,963

             35.0

   $   30,399

             35.0

Increase (decrease):

     Tax effect of AFUDC

**    (1,871)**

**        (1.9)**

         (2,068)

              (2.6)

         (1,813)

              (2.1)

     Amortization of investment tax credits

**    (1,671)**

**        (1.7)**

         (1,712)

              (2.1)

         (1,729)

              (2.0)

     Tax effect of prior-year tax benefits not  deferred

**     3,200**

**         3.3**

           3,069

               3.8

           3,133

               3.6

     Other, net

**            1**

**             -**

         (1,236)

              (1.5)

             (624)

              (0.7)

Total federal income tax expense

**   33,460**

**       34.7**

        26,016

             32.6

        29,366

             33.8

Current and deferred state income tax expense,  net of federal benefit for   state income tax expense

**     4,035**

**         4.2**

           1,675

               2.1

              480

               0.6

Total federal and state income taxes  

** $   37,495**

**       38.9**

   $   27,691

             34.7

   $   29,846

             34.4
 
Information aboutcurrent and deferred income tax expense is as follows:

                       FOR THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

              2003

Current federal income tax (benefit) expense  

** $  (37,680)**

   $      7,803

   $   17,924

Deferred federal income tax expense  

**   72,812**

        19,924

        13,171

Amortization of accumulated deferred investment  tax credits

**    (1,671)**

         (1,712)

         (1,729)

Total federal income tax expense

**   33,461**

        26,015

        29,366

Current state income tax expense  

**        907**

           1,739

              231

Deferred state income tax (benefit) expense  

**     3,127**

               (63)

              249

Total state income tax expense

**     4,034**

           1,676

              480

Total federal and state income taxes

** $   37,495**

   $   27,691

   $   29,846

Items charged or credited directly to  stockholders' equity

     Federal deferred

**       (231)**

                 48    

              301

     State deferred

**         (37)**

                   8

                 48

Total tax expense (benefit) from items charged  directly to stockholders' equity

**       (268)**

                 56

              349

Total federal and state income tax expense  (benefit)

**  $   37,227**

   $   27,747

   $   30,195
 
The balance ofaccumulated deferred federal and state income tax assets and liabilities atDecember 31, 2005, and 2004, was comprised of the tax effect of the following:

** **

** **

   AT DECEMBER 31,

** **

** **

**                  2005**

                  2004

(THOUSANDS)

**       CURRENT**

** **

**   NONCURRENT**

         CURRENT

       NONCURRENT

Depreciation and property basis differences

**  $  (17,614)**

**  $  (295,607)**

   $               -

   $   (241,874)

State net operating loss

**     2,303**

**                -**

                    -

                        -

SERP - other comprehensive income

**             -**

**        1,133**

                    -

                  865

AFUDC

**             -**

**    (32,185)**

                    -

           (33,000)

Investment tax credits

**             -**

**        8,893**

                    -

               9,844

SFAS No. 109 adjustments:

          Nonplant flow through

**             -**

**      (4,935)**

                    -

             (3,282)

          Depreciation and property  basis differences flow through

**             -**

**    (53,220)**

                    -

           (56,804)

          Prior years flow through

**             -**

**      (9,226)**

                    -

             (9,317)

Post retirement benefits other than pension

**     5,324**

**           941**

           4,458

             (2,040)

Other

**    (8,046)**

**      (6,700)**

             (211)

             (3,452)

     Accumulated deferred federal and state income  taxes

**  $  (18,033)**

**  $  (390,906)**

   $      4,247

   $   (339,060)

92

Managementconsiders it more likely than not that all deferred tax assets will berealized.  Consequently, deferred tax assets have not been reduced by avaluation allowance.

The state net operating tax loss consists of $66.2million of carryforwards that expire in 2021.  Deferred state tax benefits areavailable to the extent that Cleco has state taxable income prior to expirationof the carryforwards.  Although Cleco Power has not provided a valuationallowance to reduce the state net operating tax loss, a valuation may beprovided in the future if estimates of future taxable state income are reduced.

During 2005, the LPSC required Cleco Power torecord deferred tax expense and normalize the state tax benefit derived fromthe casualty losses relating to Hurricanes Katrina and Rita.  Generally, theLPSC requires that Cleco Power flow through impacts of state income taxes tocurrent earnings; however, the LPSC found normalization for state taxes relatedto storm deductions to be more appropriate due to the size of such deductions. This change in treatment resulted in additional deferred state income taxexpense in 2005.  

Regulatory assets and liabilities, net recordedfor deferred taxes at December 31, 2005, and 2004, were $91.0 million and $92.9million, respectively.  Regulatory assets and liabilities will be realized overthe accounting lives of the related properties to the extent past ratemakingpractices are continued by regulators.  For additional information on deferredtaxes, see Note 3 - "Regulatory Assets and Liabilities - Deferred Taxes."

**Note 11 - Disclosures About Segments**

***Cleco***

Cleco's reportable segments are based on its methodof internal reporting, which disaggregates business units by first-tiersubsidiary.  Reportable segments were determined by applying SFAS No. 131.  Cleco'sreportable segments are Cleco Power, Midstream, andOther.  The Other segment consists of the holdingcompany, a shared services subsidiary, and an investment subsidiary.

Each reportable segment engages in business activities from which itearns revenue and incurs expenses.  Segment managers report periodically toCleco's Chief Executive Officer (the chief operating decision-maker) withdiscrete financial information and, at least quarterly, present discretefinancial information to Cleco's Board of Directors.  Each reportable segmentprepared budgets for 2005 that were presented to and approved by Cleco's Boardof Directors.  The reportable segments exceeded the quantitativethresholds as defined in SFAS No. 131.

The financial results of Cleco's segments arepresented on an accrual basis.  Management evaluates the performance of itssegments and allocates resources to them based on segment profit and therequirements to implement new strategic initiatives and projects to meet currentbusiness objectives.  Material intercompany transactions occur on a regularbasis.

93

**SEGMENT INFORMATION**

2005 (THOUSANDS)

**CLECO POWER**
** **

**         MIDSTREAM**

** **

**                OTHER**

** **

**   ELIMINATIONS**

** **

**CONSOLIDATED**

Revenue

** **

** **

** **

** **

** **

** **

** **

** **

** **

     Electric operations

**$    874,557**

** $                -**

** $               -**

** $                  -**

** $     874,557**

     Other operations

**      38,357**

**             113**

**            242**

**              (2)**

**       38,710**

     Electric customer credits

**          (992)**

**                 -**

**                -**

**                -**

**           (992)**

Affiliate revenue

**             49**

**         4,871**

**        2,959**

**                -**

**         7,879**

Intercompany revenue

**        2,002**

**               42**

**      44,175**

**     (46,219)**

**                 -**

Operating revenue, net

**$    913,973**

** $       5,026**

** $    47,376**

** $     (46,221)**

**  $     920,154**

Depreciation expense

**$      58,696**

** $          316**

** $      1,318**

** $                 -**

** $       60,330**

Interest charges

**$      27,593**

** $     15,302**

** $    12,793**

** $    (15,153)**

** $       40,535**

Interest income

**$        4,355**

** $               -**

** $    16,093**

** $    (15,138)**

** $         5,310**

Equity income (loss) from investees

**$                -**

** $   218,505**

** $        (64)**

** $                 -**

** $     218,441**

Federal and state income tax expense  

**$      37,495**

** $     77,992**

** $         524**

** $           (60)**

** $     115,951**

Segment profit from continuing operations, net

**$      59,081**

** $   122,355**

** $      1,542**

** $                 -**

** $     182,978**

Loss from discontinued operations

**                -**

**           (334)**

**                -**

**                -**

**           (334)**

Segment profit (1)

**$      59,081**

** $   122,021**

** $      1,542**

** $                 -**

** $     182,644**

Additions to long-lived assets  

**$    186,441**

** $            13**

** $         939**

** $                 -**

** $     187,393**

Segment assets

**$ 1,765,934**

** $   338,645**

** $  658,914**

** $  (614,005)**

** $  2,149,488**

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

**Segment profit**

** **

** $     182,644**

** **

** **

**Unallocated items:**

** **

** **

** **

**   Preferred dividends**

** **

**       (1,865)**

** **

** **

**Net income applicable to common stock**

** **

** $     180,779**

** **

** **

 

2004 (THOUSANDS)

CLECO POWER
       MIDSTREAM

                OTHER

   ELIMINATIONS

CONSOLIDATED

Revenue

** **

** **

** **

** **

** **

** **

** **

** **

** **

     Electric operations

   $    718,151

   $                 -

   $                 -

   $                  -

   $       718,151

     Tolling operations

                       -

            10,255

                       -

                       -

              10,255

     Other operations

            30,165

                  115

                  259

                     (6)

              30,533

     Electric customer credits

          (20,889)

                       -

                       -

                       -

             (20,889)

     Affiliate revenue

                    22

              4,474

              3,271

                       -

                 7,767

Intercompany revenue

              1,860

                  285

            41,350

          (43,495)

                          -

Operating revenue, net

   $    729,309

   $       15,129

   $       44,880

   $     (43,501)

   $       745,817

Depreciation expense

   $      56,731

   $         2,197

   $         1,002

   $                 -

   $         59,930

Interest charges

   $      28,445

   $       17,764

   $       18,526

   $     (12,529)

   $         52,206

Interest income

   $        3,561

   $              49

   $       12,851

   $     (12,505)

   $           3,956

Equity income (loss) from investees

   $                -

   $       47,538

   $         (288)

   $                 -

   $         47,250

Federal and state income tax expense (benefit)

   $      27,691

   $       12,022

   $      (3,690)

   $          (159)

   $         35,864

Segment profit (loss) from continuing operations,  net

   $      52,202

   $       17,829

   $      (3,912)

   $                 -

   $         66,119

Loss from discontinued operations, including gain  on disposal of $1,685, net of tax

                       -

                    70

                       -

                       -

                       70

Segment profit (loss) (1)

   $       52,202

   $       17,899

   $      (3,912)

   $                 -

   $         66,189

Additions to (adjustments of) long-lived assets  

   $       78,700

   $         (142)

   $         1,315

   $                 -

   $         79,873

Segment assets

   $  1,425,388

   $     328,512

   $     611,578

   $   (528,415)

   $    1,837,063

(1)  Reconciliation of  segment profit to consolidated profit:

Segment loss

** **

   $       66,189

** **

** **

Unallocated items:

** **

** **

     Preferred dividends

** **

             (2,216)

** **

Net loss applicable to common stock

** **

   $       63,973

** **

** **

94

2003  (THOUSANDS)

CLECO POWER
MIDSTREAM

OTHER
ELIMINATIONS
CONSOLIDATED
Revenue

** **

** **

** **

** **

** **

** **

** **

** **

** **

     Electric operations

   $    676,002

   $                  -

   $                  -

   $                  -

   $       676,002

     Tolling operations

                       -

            98,726

                       -

                       -

              98,726

     Other operations

            30,639

             (1,597)

                  242

              1,002

              30,286

     Electric customer credits

             (1,562)

                       -

                       -

                       -

               (1,562)

Intercompany revenue

              2,209

                  168

            40,052

          (42,429)

                          -

Operating revenue, net

   $    707,288

   $        97,297

   $        40,294

   $      (41,427)

   $       803,452

Depreciation expense

   $      54,084

   $        21,168

   $          1,066

   $                  -

   $         76,318

Impairments of long-lived assets

   $                -

   $      147,993

   $                  -

   $                  -

   $       147,993

Interest charges

   $      28,774

   $        38,753

   $        17,516

   $     (14,254)

   $         70,789

Interest income

   $        1,335

   $             624

   $        14,562

   $     (14,150)

   $           2,371

Equity income (loss) from investees

   $                -

   $        31,649

   $           (258)

   $                  -

   $         31,391

Federal and state income tax expense (benefit)

   $       29,846

   $     (49,250)

   $        (1,807)

   $           (206)

   $      (21,417)

Segment profit (loss) from continuing operations,  net

   $       57,008

   $     (80,152)

   $        (6,624)

   $                  -

   $      (29,768)

Loss from discontinued operations, net of tax

                       -

             (5,161)

                       -

                       -

                (5,161)

Segment profit (loss) (1)

   $       57,008

   $     (85,313)

   $        (6,624)

   $                  -

   $      (34,929)

Additions to long-lived assets  

   $       68,507

   $          4,843

   $          1,161

   $                  -

   $         74,511

Segment assets

   $  1,378,916

   $      790,660

   $      649,774

   $   (659,924)

   $    2,159,426

(1) Reconciliation of segment  loss to consolidated loss:

Segment profit

** **

   $     (34,929)

** **

** **

Unallocated items:

** **

** **

     Preferred dividends

** **

             (1,861)

** **

Net income applicable to common stock

** **

   $     (36,790)

** **

** **

***Cleco Power***

Cleco Power is a vertically integrated, regulatedelectric utility operating within Louisiana and is viewed as one unit by management. Discrete financial reports are prepared only at the company level.  Thisapproach is consistent with the standards applicable to segment reporting asdefined by SFAS No. 131.

**Note 12 - Accrual of Electric Customer Credits**

Cleco's reported earnings for December 31, 2005,2004, and 2003 reflect accruals of $1.0 million, $4.9 million, and $1.6 million,respectively, within Cleco Power for electric customer credits that areexpected to be required under terms of an earnings review settlement reachedwith the LPSC in 1996.  In addition to the $4.9 million electric customercredits accrual for the year ending December 31, 2004, Cleco Power recorded a $16.0million accrual for additional credits to retail customers as a result of ClecoPower's settlement of the 2001-2002 fuel audit.  Together, the reportedcustomer credits accrual for the year ending December 31, 2004, is $20.9million.  For information on the LPSC fuel audit settlement, see Note 19 -"FERC and Fuel Audit Settlements."

The terms of the 1996 LPSC earnings review settlementhave been extended to September 30, 2006, through subsequent amendments and twoapproved one-year extensions.  The subsequent amendments and extensions havenot changed the terms of the original 1996 settlement.  As part of thesettlement, Cleco Power is allowed to retain all regulated earnings up to a12.25% return on equity, and to share equally with customers, as credits ontheir bills, all regulated earnings between 12.25% and 13% return on equity.  Allregulated earnings above a 13% return on equity are credited to customers.  Thiseffectively allows Cleco Power the opportunity to realize a regulatory rate ofreturn up to 12.625%.  The amount of credits due customers, if any, isdetermined by Cleco Power and the LPSC annually, based on results for each12-month period ended September 30.  The 1996 LPSC settlement provides for suchcredits to be made on customers' bills the following summer.  

The LPSC has not yet issued its preliminaryreport for the 12-month periods ended September 30, 2002, 2003, or 2004 forwhich Cleco Power has made the requisite filings.  Cleco Power anticipated thecompletion of the reviews for the periods ended September 30, 2002, 2003, and2004 by the end of 2005; however, completion of these reviews has extended into2006.  

ClecoPower's Balance Sheets at December 31, 2005, and 2004 reflect the following accrualsfor estimated electric customer credits relating to the 12-month periods endedSeptember 30, 2002, through September 30, 2005.  

                        AT DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

Provision for rate refund

**$   7,927**

   $   23,951

Other deferred credits

**     3,154**

           1,962

     Total customer credits

**$ 11,081**

   $   25,913

Thebalance at December 31, 2004, also includes $16.0 million relating to the2001-2002 fuel audit settlement.  The $16.0 million was refunded to customersin the first quarter of 2005.  Other amounts reported under the line itemprovision for rate refund relate to the 12-month periods ended September 30,2002, through September 30, 2004, and reflect amounts due currently.  Theamounts reported under the line item other deferred credits currently are notdue.  

All customercredits relating to Cleco Power's RSP were recorded as a reduction in revenuedue to the nature of the credits.  The accruals are based upon the original1996 settlement, the resolution of the 2001-2002 fuel audit which was settledin 2004, annual issues as agreed to between Cleco and the LPSC, and Cleco'sassessment of issues that remain outstanding.

95

On December 19, 2005, Cleco Power filed a requestwith the LPSC to extend the RSP to the in-service date of Cleco Power'sproposed solid-fuel power plant at Rodemacher Unit 3, targeted for completionin the fourth quarter of 2009.  The application is still being considered by the LPSC.  Preliminary testimony of the LPSC Staff consultants support the extension,with several modifications to the terms of the current RSP.  The consultant'stestimony recommends that beginning on October 1, 2006, the maximum allowedreturn on equity that can be realized by Cleco Power will be decreased to11.65%.  This assumes a return on equity of 11.25%, with any earnings between11.25% and 12.25% shared between shareholders and customers in a 40/60 ratio,respectively, and all earnings over 12.25% returned to customers.  

On February 22, 2006, the LPSC approved ClecoPower's request to recover storm restoration costs incurred for Hurricane'sKatrina and Rita.  As part of this approval, the LPSC required that effectiveimmediately, any earnings above the current 12.25% allowed return on equity becredited against outstanding Katrina and Rita storm restoration costs, ratherthan being shared 50/50 between shareholders and customers.  The creditsagainst storm restoration costs will continue as long as interim relief forstorm costs is in place and until the actual amount of storm costs are verifiedand approved by the LPSC, expected by the fourth quarter of 2006.

**Note 13 - Equity Investment in Investees**

Equity investment in investees representsprimarily Midstream's $245.3 million investment in Acadia, owned 50% by APH and50% by Calpine; its $59.5 million investment in Evangeline, owned 100% byMidstream; and its $12.7 million investment in Perryville, also owned 100% byMidstream.  Midstream's portion of earnings from Acadia, Perryville, andEvangeline is included in the equity investments of each company.  

Cleco has adopted the provisions of FIN 46R onits scheduled effective dates.  Through a review of contracts, equity interestsand other contractual relationships, Cleco has determined that it is not theprimary beneficiary of Evangeline or Perryville, which are considered variableinterest entities.

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements and began reporting its investmentin Evangeline on the equity method of accounting.  As a result, effective March31, 2004, the assets and liabilities of Evangeline no longer are reported onCleco Corporation's Consolidated Balance Sheets but instead are represented byone line item corresponding to Cleco's equity investment in Evangeline.  EffectiveApril 1, 2004, Evangeline's results of operations are reported as equity incomefrom investees on Cleco Corporation's Consolidated Statements of Operations.

Upon Perryville's emergence from bankruptcy onOctober 11, 2005, Cleco conducted a review of equity interests and other contractualrelationships pursuant to FIN 46R and determined that the appropriate method toaccount for its investment in Perryville is the equity method.  Perryville'sassets and liabilities are represented by one line item corresponding toCleco's equity investment in Perryville on Cleco Corporation's ConsolidatedBalance Sheet.  Perryville's revenue and expenses are netted and reported asequity income from investees on Cleco Corporation's Consolidated Statements ofOperations.  For additional information about Perryville, see Note 21 - "Perryville."

The table below presents the equity earningsfrom each investment accounted for using the equity method.  Acadia andEvangeline's amounts represent the full twelve months of equity earnings during2005.  Perryville's amount represents the reintegration of its financialstatements with those of Cleco and operations subsequent to October 11, 2005.

  (THOUSANDS)

FOR THE YEAR ENDING                   DECEMBER 31, 2005
Perryville

**            $   175,633**

Acadia

**                   22,579**

Evangeline

**                   20,292**

Other

**                         (63)**

     Total equity income

**            $   218,441**

***Ac******adia***

The table below presents the components ofMidstream's equity investment in Acadia.

INCEPTION TO DATE (THOUSANDS)

**          **AT DECEMBER 31, 2005

Contributed assets (cash and land)

**            $   250,612**

Net income 

**                   96,714**

Capitalized interest and other  

**                   19,469**

     Less: Cash distributions  

**                 121,464**

          Total equity investment in investee

**            $   245,331**

Midstream's equity, as reported on thebalance sheet of Acadia at December 31, 2005, was $275.7 million.  Thedifference of $30.4 million between the equity investment in investee of $245.3million as shown in the table above and Midstream's equity includes $19.5million of interest capitalized on funds contributed to Acadia.  It alsoincludes other miscellaneous charges related to the construction of the Acadiafacility offset by $49.9 million which represents the difference between theaccounting treatments used by the partnership entities to record the allocationof termination agreement income.  The cash distributions of $121.5 millionwere used to pay interest and repay principal on debt at Cleco Corporationrelating to this investment.  In addition, Cleco has credit supportavailable in the event CES and Calpine fail to fulfill their obligations undereither tolling agreement.  Calpine has posted a letter of credit totaling$15.0 million as of December 31, 2005.  This letter of credit will remainin effect for the duration of the tolling agreements.  On December 20,2005, the Calpine Debtors, including the subsidiary which owns the other 50% ofAcadia and CES, filed voluntary petitions in the Calpine Debtors BankruptcyCourt for protection under Chapter 11 of the U.S. Bankruptcy Code.  On December21, 2005, CES filed a motion to reject both tolling agreements.  For moreinformation about the bankruptcy filing by Calpine, see Note 23 - "Calpine Bankruptcy."

96

The table below contains summarized financialinformation for Acadia.

                         AT DECEMBER 31,

(THOUSANDS)

**              2005**

  2004

Current assets

**$      6,258**

   $     13,929

Property, plant and equipment, net

**451,759**

       462,654

Other assets

**        624**

            7,632

     Total assets

**$ 458,641**

   $   484,215

Current liabilities

**$     6,878**

   $       9,070

Partners' capital

**451,763**

       475,145

     Total liabilities and partners' capital

**$ 458,641**

   $   484,215

 

** **

FOR THE YEAR ENDING DECEMBER 31,

(THOUSANDS)

**              2005**

               2004

               2003

Total revenue

** $ 71,402**

   $     74,693

   $     81,078

Termination agreement income

**             -**

                     -

       105,500

Total operating expenses

**   40,392**

          33,405

          26,820

Other income (expense)

**          70**

                  13

                (50)

     Net income

** $ 31,080**

   $     41,301

   $  159,708

Income tax expense recorded on APH'sfinancial statements related to Midstream's 50% ownership interest in Acadiawas $2.9 million, $5.4 million, and $5.9 million for the years ended December31, 2005, 2004, and 2003, respectively.

***Evangeline***

Since its inception, Cleco has had 100% ownershipand voting interest of Evangeline.  All of the capacity and output of the powerplant has been tolled to Williams, which pays Evangeline certain fixed andvariable amounts.  At December 31, 2005, Evangeline had assets with a bookvalue of $260.7 million and liabilities of $262.0 million.  For the year endedDecember 31, 2005, Evangeline had operating revenue of $58.0 million andoperating expenses (including depreciation) of $20.7 million.  Cleco's currentassessment of its maximum exposure to loss at December 31, 2005, consists ofits equity investment of $59.5 million.

The table below presents the components ofMidstream's equity investment in Evangeline.

INCEPTION TO DATE (THOUSANDS)

**          **AT DECEMBER 31, 2005

Contributed assets (cash)

**            $      43,580**

Net income 

**                  123,819**

     Less:  distributions  

**                  107,887**

          Total equity investment in investee

**            $      59,512**

The table below contains summarizedfinancial information for Evangeline.

                         AT DECEMBER 31,

(THOUSANDS)

**              2005**

               2004

Current assets

**$   12,702**

   $     11,168

Accounts receivable - affiliate

**     1,316**

            5,819

Property, plant and equipment, net

**194,159**

       198,053

Other assets

**   52,481**

          49,055

     Total assets

**$ 260,658**

   $   264,095

Current liabilities

**$   14,150**

   $     15,019

Accounts payable - affiliate

**        989**

                939

Long-term debt, net

**184,716**

       191,820

Other liabilities

**   62,036**

          53,018

Member's equity/(deficit)

**    (1,233)**

            3,299

     Total liabilities and member's equity

**$ 260,658**

   $   264,095

 

** **

 FOR THE YEAR ENDING  DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

              2003

Operating revenue

** $ 58,030**

   $   59,084

   $     58,118

Operating expenses

**   15,528**

        14,603

        21,396

Depreciation

**     5,187**

           5,654

        12,211

Interest charges

**   17,278**

        17,841

        18,200

Other income

**        832**

              277

              193

Other expense

**          77**

                 31

              142

Federal and state income taxes  

**             -**

              528

           2,654

Cumulative change in accounting principal

**       (500)**

                    -

                    -

Net income

** $ 20,292**

   $   20,704

   $      3,708

At December 31, 2005, Evangeline had amember's deficit of $1.2 million.  This deficit was caused by Evangeline's abilityto generate cash, either through operations or through income tax savings, thatwas distributed to its member in excess of its net income.  The deficit did notcause a default under Evangeline's 8.82% Senior Secured Bonds due 2019 and isnot expected to impact Evangeline's ability to fund its operations.

In addition to the income tax expense reflectedin the chart above, income tax expense recorded on Midstream's financialstatements related to Midstream's 100% ownership interest in Evangeline(subsequent to its deconsolidation) was $8.8 million for the year endingDecember 31, 2005, and $8.2 million for the year ended December 31, 2004.

***Perryville***

Perryville provides transmission andinterconnection service to Entergy Louisiana under a cost-based tariff.  At December31, 2005, Perryville had assets with a book value of $23.4 million andliabilities of $7.9 million.  For the year ended December 31, 2005, Perryvillehad operating revenue of $10.3 million and operating expenses (includingdepreciation) of $11.8 million.  Cleco's current assessment of its maximum exposureto loss at December 31, 2005, consists of its equity investment of $12.7million.  

The table below presents the components of PEH'sequity investment in Perryville.

INCEPTION TO DATE (THOUSANDS)

**          **AT DECEMBER 31, 2005

Contributed assets (cash)

**            $   102,174**

Net income 

**                   47,960**

     Less:  distributions  

**                 137,424**

          Total equity investment in investee

**            $     12,710**

The table below contains summarizedfinancial information for Perryville.

(THOUSANDS)

AT DECEMBER 31, 2005

Current assets

**      $      3,405**

Accounts receivable - affiliate

**             2,153**

Other assets

**           17,864**

     Total assets

**      $   23,422**

Current liabilities

**      $     7,460**

Accounts payable - affiliate

**                112**

Other liabilities

**                328**

Member's equity

**           15,522**

     Total liabilities and member's equity

**      $   23,422**

97

  (THOUSANDS)

   FOR THE YEAR ENDING     DECEMBER 31, 2005

Operating revenue

**      $   10,316**

Operating expenses

**             8,632**

Depreciation

**             3,135**

Gain on sale of assets

**             9,622**

Interest charges

**             5,401**

Other income

**         207,735**

Other expense

**           27,135**

Federal and state income taxes  

**                     -**

Net income

**      $ 183,370**

Income tax expense recorded for the yearended December 31, 2005, on Midstream's financial statements related to its100% ownership interest in Perryville (subsequent to emergence from bankruptcy)was $70.6 million.  The difference between the Perryville's year endingDecember 31, 2005, income of $183.4 million above and the $175.6 million reflectedon Midstream's books for the same time period is the $7.8 million inpost-petition loss incurred by Perryville for the year ending December 31, 2004,while in bankruptcy.  Upon emergence from bankruptcy, the income from 2005 wascombined with the loss in 2004 and recorded on Midstream's financial statementsduring the reintegration of Perryville in the fourth quarter of 2005.  Foradditional information about Perryville's bankruptcy proceeds, see Note 21 -"Perryville."

**Note 14 - Operating Leases**

Under the terms of the Evangeline TollingAgreement, the tolling counterparty has the right to own, dispatch, and marketall of the electric generation capacity produced by Evangeline, and isresponsible for providing the required natural gas to the facility.  Midstreamcollects a fee from the tolling counterparty for operating and maintaining thetolled facility.  The tolling agreement has terms that extend until at least theyear 2020.  The tolling agreement is accounted for as an operating lease, andthe revenue is recognized as described in Note 2 - "Summary of SignificantAccounting Policies - Revenue and Fuel Costs - Tolling Revenue."

In accordance with FIN 46R, Cleco deconsolidatedEvangeline from its consolidated financial statements as of March 31, 2004.  EffectiveApril 1, 2004, Evangeline's revenue and expenses are netted and reported on oneline item as equity income from investees on Cleco's Consolidated Statements ofOperations.  For additional information on FIN 46R and the deconsolidation ofEvangeline, see Note 13 - "Equity Investment in Investees."

The following table contains an analysis ofCleco's property being utilized under operating leases:

                        AT DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

Merchant power plants

**$ 224,775**

   $ 224,338

Construction work in progress

**     1,618**

           1,145

Less: accumulated depreciation

**   32,234**

        27,430

     Net plant

**$ 194,159**

   $ 198,053

Effective March 31, 2004, Evangeline'splant assets no longer are reported on Cleco's Consolidated Balance Sheets, butinstead are represented by one line item corresponding to Cleco's equityinvestment in Evangeline.  

The following is a schedule for Evangeline, byyears, of future minimum rental payments (assumes no change to the testedcapacity or heat rate of the plants) required under the Evangeline Tolling Agreement:

YEAR ENDING DECEMBER 31, 

                                     (THOUSANDS)

2006

                               $           52,987

2007

                                            53,539

2008

                                            54,095

2009

                                            54,659

2010

                                            55,226

Thereafter

                                         553,993

     Total future rental payments

                               $        824,499

Future rental payments have not beenadjusted for contingent items such as bonuses or penalties, which may changethe actual amounts received from the tolling counterparty under the tollingagreement.

For the year ended December 31, 2005, tollingrevenue was not recognized on the consolidated income statement due to the deconsolidationof Evangeline effective March 31, 2004.  For the years ended December 31, 2004,and 2003, tolling revenue of $10.2 million and $98.7 million, respectively, wasrecognized.  For the years ended December 31, 2004, and 2003, contingent rentswere approximately $0.3 million and $8.3 million, respectively.

The following is a schedule of operating leasesthat Cleco maintains in the ordinary course of business activities.  Themajority of Cleco's operating leases are for line construction and operatingvehicles and for railcars for coal deliveries, both utilized by Cleco Power.  Theremaining leases provide for office and operating facilities and officeequipment.  These leases have various terms and expiration dates.  Thefollowing table is a summary of expected operating lease payments for the yearsindicated.

                  YEAR ENDING DECEMBER 31,

                  CLECO

                  CLECO

(THOUSANDS)

       CORPORATION

                 POWER

                  TOTAL

2006

         $        163

         $     6,007

         $     6,170

2007

                      57

                5,398

                5,455

2008

                         2

                4,885

                4,887

2009

                         -

                4,482

                4,482

2010

                         -

                3,081

                3,081

Thereafter

                         -

              10,917

              10,917

     Total operating lease payments

         $        222

         $  34,770

         $  34,992

Cleco's operating leases for lineconstruction and maintenance vehicles have a term of seven years with anadditional one-year renewal.  The lease payment is determined by taking theequipment's original cost multiplied by the adjusted rental factor.  Contingentrents are based on the change in the LIBOR rate at May 15, 2001, compared toDecember 31, 2005, 2004, and 2003.  For the years ended December 31, 2005, 2004,and 2003, lease expense of $1.3 million, $0.6 million, and $0.6 million,respectively, was recognized.  

98

Contingent rents were less than $0.1 million for the years ended December 31,2005, 2004, and 2003, respectively.

The railcar leases are divided into two groups. The first group has 120 railcars, and the lease expires on March 31, 2021.  Thesecond group of railcars has 125 cars, and the lease term expires on March 31,2017.  Cleco Power pays a monthly rental fee per car.  For the years endedDecember 31, 2005, 2004, and 2003, operating lease expense of $1.1 million,$1.1 million, and $1.1 million, respectively, was recognized.  The railcarleases do not contain contingent rent payments.

Cleco's operating leases for vehicles, office andoperating facilities, and office equipment have lease terms from three to tenyears.  The monthly lease payment is determined by summing the monthlyequipment amortization with the lowest monthly interest rate multiplied by theamortized value.  Contingent rents are calculated by comparing the difference betweenthe lowest rate at December 1984 to the lowest rate at December 2005, 2004, and2003.  For the years ended December 31, 2005, 2004, and 2003, lease expense of$1.8 million, $1.9 million, and $2.2 million, respectively, was recognized. For the years ended December 31, 2005, 2004, and 2003, contingent rents wereapproximately $0.1 million each.

**Note 15 - Litigation and Other Commitments andContingencies**

***Securities Litigation***

On April 18, 2003, a Shareholder's DerivativeComplaint was filed by a shareholder of Westar, in the U.S. District Court forthe District of Kansas.  The defendants named in the complaint were Westar, itsBoard of Directors, its former Chief Executive Officer, President and Chairman,and Cleco Corporation.  The complaint alleged violations of Section 14(a) ofthe Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder and,in addition, breaches of fiduciary duties owed to Westar and/or for aiding andabetting such breaches.  The complaint asserted that Cleco Corporation aidedand abetted the director defendants' breaches of fiduciary duties by engagingin round-trip trades with Westar.  The complaint sought the award ofunspecified compensatory damages against the defendants and the plaintiff'scosts and disbursements of the lawsuit.  The complaint was amended, but theclaims against Cleco Corporation did not change substantively.  On May 31,2005, a settlement agreement was finalized between the parties.  The settlementwas approved by the court on September 1, 2005, despite an objection by oneshareholder to provisions in the settlement releasing Westar's outside counseland investment advisors.  Subsequent to the aforementioned hearing, the sameobjecting shareholder filed a motion requesting that the district courtreconsider its approval.  The district court has issued an order denying the motionto reconsider.  On December 30, 2005, an appeal was filed with the U.S. TenthCircuit Court of Appeals, appealing the district court's approval of thesettlement, as well as the order denying reconsideration.  If approved in itscurrent form, the final settlement is not expected to have a material impact onCleco's financial condition, results of operations, or cash flows, due to thesettlement releasing Cleco from any liability.

***Other Litigation***

On June 22, 2005, the City of Alexandria,Louisiana (the City), a current municipal customer of Cleco Power, filed alawsuit in Ninth Judicial District Court, against Cleco Corporation, ClecoPower, and certain other subsidiaries.  The lawsuit alleges unspecified damagesas a result of certain sales made to the City, revenue derived by Cleco usingthe City's power generating facilities under contracts with the City, and otheralleged improper conduct, including, without limitation, allegations that Clecofraudulently mishandled the management of the City's power requirements underthe contracts.  The lawsuit was removed to and currently is pending in the U.S.District Court for the Western District of Louisiana.  On January 13, 2006,Cleco and the City agreed upon guidelines whereby an audit of the disputedtransactions will be performed.  These guidelines were submitted to the U.S. DistrictCourt, which approved them on January 19, 2006.  On February 21, 2006, thecourt designated the auditor/mediator to examine the claims made by bothparties.  Cleco and the City can designate consultants to assist thecourt-appointed auditor in charge of the process.  An audit report is scheduledto be issued to Cleco and the City by June 30, 2006, which will be used as the basisfor the mediation process conducted by the independent auditor.  Management believesthat the dispute will not have a material adverse effect on Cleco Corporationor Cleco Power's financial condition, results of operations, or cash flows.

Cleco is involved in regulatory, environmental, andlegal proceedings before various courts, regulatory commissions, and governmentalagencies regarding matters arising in the ordinary course of business.  Some ofthese proceedings, such as fuel review and environmental issues, could involvesubstantial amounts.  In several lawsuits, Cleco has been named as a defendantby individuals who claim injury due to exposure to asbestos while working atsites in central Louisiana.  Most of the claimants were workers who participatedin the construction of various industrial facilities, including power plants,and some of the claimants have worked at locations owned by Cleco.  Cleco'smanagement regularly analyzes current information and, as necessary, providesaccruals for probable liabilities on the eventual disposition of these matters. Cleco's management believes that the disposition of these matters will not havea material adverse effect on the Registrants' financial condition, results ofoperations, or cash flows.

***Off-Balance SheetCommitments***

Cleco Corporation and Cleco Power have enteredinto various off-balance sheet commitments, in the form of guarantees andstandby letters of credit, in order to facilitate their activities and theactivities of Cleco Corporation's subsidiaries and equity investees(affiliates).  Cleco Corporation entered into these off-balance sheetcommitments in order to entice desired counterparties to contract with itsaffiliates by providing some measure of credit assurance to the counterparty inthe 

99

event Cleco's affiliates do not fulfill certain contractual obligations.  IfCleco Corporation had not provided the off-balance sheet commitments, thedesired counterparties may not have contracted with Cleco's affiliates or mayhave contracted with them at terms less favorable to its affiliates.

The off-balance sheet commitments are notrecognized on Cleco's Consolidated Balance Sheets, because it has beendetermined that Cleco's affiliates are able to perform these obligations undertheir contracts and that it is not probable that payments by Cleco will berequired.  Some of these commitments reduce borrowings available to ClecoCorporation under its credit facility pursuant to the terms of the creditfacility.  Cleco's off-balance sheet commitments as of December 31, 2005, aresummarized in the following table, and a discussion of the off-balance sheetcommitments follows the table.  The discussion should be read in conjunctionwith the table to understand the impact of the off-balance sheet commitments onCleco's financial condition.

   AT DECEMBER 31, 2005

        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

**            $ 277,400**

** $  135,000**

**            $ 142,400***

**         $        328**

Cleco Corporation guarantees issued to purchasers  of the assets of Cleco Energy 

**                   1,400**

**             -**

**                   1,400**

**                1,400**

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

**                 15,000**

**             -**

**                 15,000**

**              15,000**

Cleco Corporation guarantee issued to Central  Mississippi Generating Co. on behalf of Attala 

**                   6,906**

**             -**

**                   6,906**

**                6,906**

Cleco Power obligations under standby letter of  credit issued to Louisiana Department of Labor

**                      525**

**             -**

**                      525**

**                        -**

Cleco Power obligations under Lignite Mining  Agreement

**                 15,141**

**             -**

**                 15,141**

**                        -**

     Total

**            $ 316,372**

** $  135,000**

**            $   181,372**

**         $   23,634**

*    Excluding the indemnification  of environmental matters, to which there is no limit.

Cleco Corporation provided a limited guarantee to EntergyLouisiana and Entergy Gulf States for Perryville's performance, indemnity,representation, and warranty obligations under the Sale Agreement, the PowerPurchase Agreement, and other ancillary agreements related to the sale of thePerryville facility.  As of December 31, 2005, the aggregate guarantee of $277.4million is limited to $142.4 million (other than with respect to the indemnificationof environmental matters to which there is no limit) due to the performance ofsome of the underlying obligations that were guaranteed.  The discounted probability-weightedliability under the guarantees and indemnifications as of December 31, 2005,was $0.3 million, resulting in a corresponding reduction in the availablecredit under Cleco's credit facility, which was determined in accordance withthe facility's definition of a contingent obligation.  The contingentobligation reduces the amount available under the credit agreements by anamount equal to the reasonably anticipated liability in respect of thecontingent obligation as determined in good faith if the total amount ofindebtedness outstanding, including such contingent obligations, exceedscertain thresholds.  For additional information on this guarantee, see Note 17- "Disclosures About Guarantees."

In November 2004, Cleco completed the sale ofsubstantially all of the assets of Cleco Energy.  Cleco Corporation providedguarantees to the buyers of Cleco Energy's assets for the payment andperformance of the indemnity obligations of Cleco Energy.  The aggregate amountof the guarantees is $1.4 million.  The purchaser of Cleco Energy's assets hasinvoked its indemnification provisions pursuant to the purchase and saleagreement that Cleco guaranteed, as a result of a recently filed lawsuitagainst the purchaser and Cleco Energy (related to the price charged forcertain natural gas sales by Cleco Energy).  After an initial investigation,management believes this matter will not have a material impact on Cleco's financialcondition, results of operations, or cash flows.  For information on the saleof Cleco Energy's assets, see Note 16 - "Discontinued Operations and Dispositions."

If Evangeline fails to perform certain obligationsunder its tolling agreement, Cleco Corporation will be required to makepayments to the Evangeline Tolling Agreement counterparty.  Cleco Corporation'sobligation under the Evangeline commitment is in the form of a standby letterof credit from investment grade banks and is limited to $15.0 million.  Ratingstriggers do not exist in the Evangeline Tolling Agreement.  Cleco expectsEvangeline to be able to meet its obligations under the tolling agreement anddoes not expect Cleco Corporation to be required to make payments to thecounterparty.  However, under the covenants associated with Cleco Corporation'scredit facility, the entire net amount of the Evangeline commitment reduces theamount that can be borrowed under the credit facility.  The letter of creditfor Evangeline is expected to be renewed annually until 2020.

On March 16, 2005, Cleco Corporation issued aguarantee to Central Mississippi Generating Company, LLC for Attala'sobligations and liabilities under the purchase and sale agreement betweenCentral Mississippi Generating Company, LLC and Attala.  This agreementprovides for the acquisition of transmission assets by Attala, includingAttala's obligations to pay the purchase price for the assets and to indemnifythe seller.  The maximum amount payable under the guarantee is $6.9 million. On January 20, 2006, Cleco completed the purchase of the transmission assets,and the guarantee was reduced to $0.7 million.  In addition, on January 20,2006, Cleco Corporation provided a $0.5 million guarantee to Entergy Mississippi,Inc. for Attala's obligations under the Interconnection Agreement and RealEstate Agreement.

The State of Louisiana allows employers of certainfinancial net worth to self-insure their workers' compensation benefits.  ClecoPower applied to the Louisiana Office of Workers' Compensation for acertificate of self-insurance.  The State of 

100

Louisiana required Cleco Power to post a $0.5 million letter of credit assurety in an amount equal to 110 percent of the average losses over theprevious three years.

As part of the Lignite Mining Agreement enteredinto in 2001, Cleco Power and SWEPCO, joint owners of Dolet Hills, have agreedto pay the lignite miner's loan and lease principal obligations when due, ifthe lignite miner does not have sufficient funds or credit to pay.  Any amountspaid on behalf of the miner would be credited by the lignite miner against thenext invoice for lignite delivered.  At December 31, 2005, Cleco Power's 50%exposure for this obligation was approximately $15.1 million.  The lignitemining contract is in place until 2011 and does not affect the amount ClecoCorporation can borrow under its credit facility.

The following table summarizes the expectedtermination date of the guarantees and standby letters of credit discussedabove:

              AT DECEMBER 31, 2005

AMOUNT OF COMMITMENT EXPIRATION PER PERIOD

                 NET

MORE
          AMOUNT

LESS THAN
THAN
(THOUSANDS)

   COMMITTED

       ONE YEAR

      1-3 YEARS

      4-5 YEARS

5 YEARS

Guarantees

**            $ 165,847**

**            $     6,906**

**            $             -**

**            $ 101,400**

**            $   57,541**

Standby letters of credit

**                 15,525**

**                      525**

**                           -**

**                           -**

**                 15,000**

     Total commercial commitments

**            $ 181,372**

**            $     7,431**

**            $             -**

**            $ 101,400**

**            $   72,541**

***Long-term Purchase Obligations***

Cleco Corporation had no unconditional long-termpurchase obligations at December 31, 2005.  Cleco Power has severalunconditional long-term purchase obligations related to the purchase oflignite, coal, energy capacity, and energy delivery facilities.  The aggregateamount of payments required under such obligations at December 31, 2005, is asfollows:

YEAR ENDING DECEMBER 31, 

                                   (THOUSANDS)

2006

                               $        13,410

2007

                                            5,539

2008

                                            6,743

2009

                                            6,804

2010

                                            6,867

Thereafter

                                            5,212

     Total long-term purchase obligations

                               $        44,575

Payments under these agreements for theyears ended December 31, 2005, 2004, and 2003 were $13.0 million, $14.9million, and $15.4 million, respectively. 

***Acadia***

On or about May 2, 2005, a detailed review of thegas and electric metering at the Acadia plant resulted in the discovery of apotential electric metering error whereby Acadia unknowingly generated excesspower to its electric interconnections for the period beginning June 1, 2002,and ending May 31, 2005.  Acadia has made a claim against Cleco Power for thedelivery of the excess generation for which it has not received compensation. Cleco Power has evaluated the claim and communicated to Acadia that to theextent any unmetered power was generated, Entergy received the predominantbenefit of that power and therefore Acadia's claim, if any, is primarilyagainst Entergy rather than Cleco Power.  Acadia has responded, insisting thatits claim against Cleco is valid.  The three parties are attempting to resolvethe dispute.

On December 20, 2005, the Calpine Debtors filed forprotection under Chapter 11 of the U.S. Bankruptcy Code in the Calpine DebtorsBankruptcy Court.  For more information about the Calpine Bankruptcy, see Note23 - "Calpine Bankruptcy."

***SESCO***

In October 2003, the Texas Commissionon Environmental Quality (TCEQ) notified Cleco Power that it had beenidentified as a PRP for the SESCO facility in San Angelo, Texas.  The facilityoperated as a transformer repair and recycling facility from the 1930s until2003, and both soil and groundwater contamination exist at the site and insurrounding areas.  Based on initial available information, Cleco Power accrueda minimal amount for its potential liability for the site in November 2003.  Theinvestigation of SESCO's historical records was completed in 2005, and ClecoPower was determined to be a de minimis party.  On February 15, 2006, ClecoPower executed a settlement agreement with the SESCO site working group memberswhich required the payment of cash in exchange for a release from responsibilityfor investigation and cleanup costs associated with the SESCO facility and acovenant not to sue by each SESCO site working group member and the State ofTexas.  The release and covenant not to sue can only be cancelled if ClecoPower is found to have contributed significantly more transformers to the SESCOfacility than current documentation indicates.  However, both Cleco Power andthe SESCO site working group have completed substantial due diligence andmanagement believes it is unlikely that Cleco Power will be found to havecontributed significantly more transformers.

***EPA***

In February 2005, Cleco Power received noticesfrom the EPA requesting certain information relating to the Rodemacher andDolet Hills Power Stations as authorized by Section 114 of the Clean Air Act.  Theapparent purpose of the investigation is to determine whether Cleco Power hascomplied with applicable New Source Review and New Source Performance Standardsrequirements under the Clean Air Act in connection with capital expenditures,modifications, or operational changes made at these facilities.  Cleco Powerhas completed its response to the initial data request.  It is unknown at thistime whether the EPA will take further action as a result of the information providedby Cleco Power and if any such action would have a 

101

material adverse impact onthe Registrants' financial condition, results of operations, or cash flows.

***Other Contingencies***

Cleco has accrued for liabilities to thirdparties, employee medical benefits, storm damages, and deductibles under insurancepolicies that it maintains on major properties, primarily generation stationsand transmission substations.

Consistent with regulatory treatment, annualcharges to operating expenses to provide a reserve for future storm damages arebased upon the average amount of noncapital, uninsured storm damagesexperienced by Cleco Power during the previous six years.

***Risks andUncertainties***

**Cleco**

Cleco Corporation could besubject to possible adverse consequences if any of Cleco's remainingcounterparties fail to perform their obligation under their respective tollingagreements or if Cleco Corporation or its affiliates are not in compliance withloan agreements or bond indentures.  Cleco's remaining tolling counterpartiesare Williams and CES.  

**CES**

On December 20, 2005, the Calpine Debtors filedfor protection under Chapter 11 of the U.S. Bankruptcy Code in the CalpineDebtors Bankruptcy Court, and on December 21, 2005, the Calpine Debtors filed amotion with the court seeking to reject the Calpine Tolling Agreements.  Foradditional information on the Calpine bankruptcy, see - Note 23 - "CalpineBankruptcy." 

Although neither Acadia nor Cleco were required torecord an impairment of their assets or equity investment at December 31, 2005,future events could cause the valuation of those assets or equity investment tobe higher than market whereby an impairment would be required and Cleco'sfinancial condition would be adversely effected.  Both Acadia and Cleco willneed to closely monitor expected cash flows related to the Acadia facilities.

**Williams**

The credit ratings of the senior unsecured debt ofThe Williams Companies, Inc. (Moody's - B1; Standard & Poor's - B+), theparent company of Williams under the Evangeline Tolling Agreement, remainsbelow "investment grade."  The following list discusses some possible adverseconsequences if Williams should fail to perform its obligations under theEvangeline Tolling Agreement:
-  IfWilliams' failure to perform constituted a default under the tolling agreement,the holders of the Evangeline bonds would have the right to declare the entireoutstanding principal amount ($191.8 million at December 31, 2005) and interestto be immediately due and payable, which could result in: 
-  Cleco seeking to refinance the bonds, the terms of which may beless favorable than existing terms; 
-  Cleco causing Evangeline to seek protection under federalbankruptcy laws; or
-  the trustee of the bonds foreclosing on the mortgage and assumingownership of the Evangeline plant;
-  Clecomay not be able to enter into agreements in replacement of the EvangelineTolling Agreement on terms as favorable as that agreement or at all;
-  Cleco'sequity investment in Evangeline may be impaired, requiring a write-down to itsfair market value, which could be substantial; and
-  Cleco'scredit ratings could be downgraded, which would increase borrowing costs andlimit sources of financing.

Financing for operational needs andconstruction requirements is dependent upon the cost and availability ofexternal funds from capital markets and financial institutions.  Access tofunds is dependent upon factors such as general economic conditions, regulatoryauthorizations and policies, Cleco Corporation's credit rating, the creditrating of Cleco Corporation's subsidiaries, the cash flows from routineoperations and the credit ratings of project counterparties.  If ClecoCorporation's credit rating was to be downgraded by Moody's or by Standard& Poor's, Cleco Corporation would be required to pay additional fees andhigher interest rates under its bank credit and other debt agreements.

**Cleco Power**

Cleco Power supplies a portion of its customers'electric power requirements from its own generation facilities.  In addition topower obtained from power purchase agreements, Cleco Power purchases power fromother utilities and marketers to supplement its generation at times ofrelatively high demand or when the purchase price of power is less than its owncost of generation.  Because of its location on the transmission grid, ClecoPower relies on two main suppliers of electric transmission, and at times constraintslimit the amount of purchased power it can deliver into and/or through its system.

Financing for operational needs and constructionrequirements is dependent upon the cost and availability of external funds fromcapital markets and financial institutions.  Access to funds is dependent uponfactors such as general economic conditions, regulatory authorizations andpolicies, Cleco Corporation's credit rating, Cleco Power's credit rating, thecash flows from routine operations and the credit ratings of projectcounterparties.  If Cleco Power's credit rating was to be downgraded by Moody'sor by Standard & Poor's, Cleco Power would be required to pay additionalfees and higher interest rates under its bank credit and other debt agreements.

**Note 16 - Discontinued Operations and Dispositions**

Management formed two disposal groups comprised ofthe assets of Cleco Energy and worked to find buyers for those assets through asolicitation process.  One disposal group consisted of the natural gas pipelineand marketing operations of Cleco Energy.  The second disposal group consistedof the 

102

oil and gas production properties of Cleco Energy.  After reviewing thepreliminary bids received in June 2004, management committed to a plan to sellthe two disposal groups. 

Based on the final bids for the second disposalgroup, Cleco recorded a pre-tax impairment loss of $1.1 million in the secondquarter of 2004, which represented the excess of the carrying value over thecalculated fair value of the assets, less costs to sell.  On September 15,2004, Cleco Energy completed the sale of the second disposal group for a grosssales price of $0.8 million (subject to certain adjustments).  This resulted ina $0.3 million loss for the year ended December 31, 2004, which is included indiscontinued operations, income (loss) from disposal of segment, net of tax inCleco Corporation's Consolidated Statements of Operations.

For additional information on impairments relatedto Cleco Energy, see Note 18 - "Impairments of Long-Lived Assets."

On November 16, 2004, Cleco Energy completed thesale of its first disposal group, consisting of the natural gas pipeline andmarketing operations, for a gross sales price of $9.1 million (subject tocertain adjustments).  This resulted in a $2.0 million gain for the year endedDecember 31, 2004, which is included in discontinued operations, income (loss) fromdisposal of segment, net of tax in Cleco Corporation's Consolidated Statementsof Operations.

For information on guarantees entered into relatedto the sale of the disposal groups, see Note 15 - "Litigation and Other Commitmentsand Contingencies - Off-Balance Sheet Commitments."

The following table summarizes the operatingresults that have been classified as discontinued operations on ClecoCorporation's Consolidated Statements of Operations and are reported in theMidstream segment in Note 11 - "Disclosures About Segments."  Prior periodresults have been reclassified from income from continuing operations todiscontinued operations.

                       FOR THE YEAR ENDED DECEMBER 31,

DISCONTINUED OPERATIONS (THOUSANDS)

**              2005**

** **

              2004

              2003

Operating revenue, net

** $           -**

   $     44,355

   $     71,189

Pre-tax operating loss

**       (499)**

         (2,473)

         (7,718)

Federal and state income tax benefit

**       (165)**

             (858)

         (2,557)

Operating loss, net of tax

**       (334)**

         (1,615)

         (5,161)

Gain from disposal, net of tax expense of $907

**             -**

           1,685

                    -

     Total

** $   (334)**

   $            70

   $    (5,161)

**Note 17 - Disclosures About Guarantees**

Cleco Corporation and Cleco Power have agreed tocontractual terms that require them to pay third parties if certain triggeringevents occur.  These contractual terms generally are defined as guarantees inFIN 45.  Guarantees issued or modified after December 31, 2002, that fallwithin the initial recognition scope of FIN 45 are required to be recorded as aliability.  Outstanding guarantees that fall within the disclosure scope of FIN45 are required to be disclosed for all accounting periods ending afterDecember 15, 2002.

Guarantees and indemnifications were issued inconnection with the sale of the generation assets to Entergy Louisiana byPerryville.  These guarantees and indemnifications fall within the recognitionscope of FIN 45 because they relate to the past performance, indemnity,representation, and warranty obligations of the disposed assets and alsocontain provisions requiring payment for potential damages.  The potentiallength of these liabilities range from a five-year life to an indefinite life. Each indemnification and guarantee was assigned a probability and an estimateof potential damages.  The maximum aggregate potential damages under theguarantees and indemnifications are $42.4 million (excluding maximum aggregatepotential damages of $100.0 million for discharge of project debt discussed inmore detail below and the indemnification of environmental matters to whichthere is no limit).  On June 30, 2005, Perryville paid all interest and principalowed under the Senior Loan Agreement, and on July 19, 2005, it exercised offsetrights against MAI to satisfy its obligations of $98.7 million under theSubordinated Loan Agreement.  As a result, it is unlikely that ClecoCorporation will have any other liabilities which would give rise to indemnityclaims against Perryville and trigger any actual obligation under the $100.0million portion of the guarantee which terminates on June 30, 2010.  Thediscounted probability-weighted liability under the guarantees and indemnificationsas of December 31, 2005, calculated in accordance with FIN 45, was $0.3 million. For information on the sale of the generation assets of Perryville, see Note 21- "Perryville."

Guarantees and indemnifications were issued inconnection with the asset sales of Cleco Energy's oil and gas properties andnatural gas pipelines.  These guarantees and indemnifications fall within therecognition scope of FIN 45, because they relate to the past performanceobligations of the disposed assets and also contain provisions requiring paymentfor potential damages.  The potential liabilities expire either after a two- orfive-year life.  Each indemnification and guarantee was assigned probabilitiesand estimates of potential damages.  The maximum aggregate potential paymentunder the guarantees and indemnifications is $1.2 million.  The discountedprobability-weighted liability under the guarantees and indemnifications as of December31, 2005, was $0.1 million.  The buyers of the Cleco Energy assets would be entitledto amounts under the guarantees and indemnifications due to breach or defaultof performance of Cleco Energy under their respective sale agreements.  ClecoCorporation has guaranteed Cleco Energy's indemnification obligations under thesale agreements.  Maximum potential payments under the Cleco Corporationguarantees are $1.4 million but are not within the recognition scope of FIN45.  The purchaser of Cleco Energy's assets has invoked its indemnificationprovisions pursuant to the purchase and sale agreement that Cleco guaranteed,as a result of a recently filed lawsuit against the purchaser and Cleco Energy(related to the price charged for certain natural gas sales by Cleco Energy). After an initial investigation, management believes that this matter will nothave a material impact on Cleco's financial condition, results of operations,or cash flows.  For additional information on the sales of Cleco Energy assets,see Note 16 - "Discontinued Operations and Dispositions."

103

In its bylaws, Cleco Corporation has agreed toindemnify directors, officers, agents and employees who are made a party to apending or completed suit, arbitration, investigation, or other proceedingwhether civil, criminal, investigative or administrative, if the basis of inclusionarises as the result of acts conducted in the discharge of their officialcapacity.  Cleco Corporation has purchased various insurance policies to reducethe risks associated with the indemnification.  In its Operating Agreement,Cleco Power provides for the same indemnifications as described above withrespect to its managers, officers, agents, and employees.

Cleco Corporation has issued guarantees and a letterof credit to support the activities of Perryville,Attala, and Evangeline.  These commitments are not within the scope ofFIN 45, since these are guarantees ofperformance by wholly owned subsidiaries.  For information regardingthese commitments, see Note 15 - "Litigation and Other Commitments andContingencies - Off-Balance Sheet Commitments."

For information on the Lignite Mining Agreement enteredinto by Cleco Power and SWEPCO, see Note 15 - "Litigation and Other Commitmentsand Contingencies - Off-Balance Sheet Commitments."

Generally, neither Cleco Corporation nor ClecoPower has recourse that would enable them to recover amounts paid under the guarantees. The one exception is the insurance contracts associated with theindemnifications issued to directors, managers, officers, agents and employees. There are no assets held as collateral for third parties that either Cleco Corporationor Cleco Power could obtain and liquidate to recover amounts paid pursuant tothe guarantees.

**Note 18 - Impairmentsof Long-Lived Assets**

SFAS No. 144 requires long-term assets to bereviewed for potential impairment whenever events or changes in circumstances indicatethat the carrying amounts of such assets may not be recoverable.  Due tosuch events surrounding several groups of long-lived assets, an analysis ofprobability-weighted future cash flows under possible scenarios proved thecarrying value of certain assets to be greater than the undiscounted futurecash flows.  Therefore, impairment charges were required to reduce thecarrying value to fair value, which was determined by current market indicatorsof transactions between willing buyers and sellers or the discounted futurecash flows from those assets.  At December 31, 2003, the differencesbetween Cleco's carrying values and its fair values for the impaired long-livedassets related to Perryville were $148.0 million ($91.0 million aftertax).  These charges are presented in the "Operating expenses" section ofCleco Corporation's Consolidated Financial Statements.  At December 31,2004, and 2003, the differences between Cleco's carrying values and its fairvalues for the impaired long-lived assets related to Cleco Energy were $1.1million ($0.7 million after tax) and $8.3 million ($5.4 million after tax),respectively.  These charges are presented in the "Discontinued Operations"section of Cleco Corporation's Consolidated Financial Statements.  Theimpaired assets are part of the Midstream reporting segment.  During the year endedDecember 31, 2005, no impairments are reflected on Cleco Corporation's ConsolidatedStatement of Operations.

***Perryville 2003***

Perryville owned and operated a 718-MW naturalgas-fired power plant near Perryville, Louisiana.  In July 2001,Perryville entered into the Perryville Tolling Agreement, a 21-year capacityand energy agreement for Perryville's entire capacity, with MAEM, a subsidiaryof Mirant.  Prior to the July 14, 2003, filing by the Mirant Debtors forvoluntary protection under Chapter 11 of the U.S. Bankruptcy Code, the carryingvalue of the Perryville facility was compared to its undiscounted, probability-weighted,future cash flows.  Due to the Mirant Debtors' bankruptcy and subsequentrejection of the Perryville Tolling Agreement, the difference between Perryville'scarrying value and its fair value as determined by then-current market indicatorsof transactions between willing buyers and sellers resulted in an impairmentcharge of $134.8 million ($82.9 million after tax) in the second quarter of2003.  On December 31, 2003, based on continuing negotiations to sell thePerryville facility and the subsequent signing of a sale agreement, thecarrying value of the Perryville facility was further reduced to the agreedupon sale price.  At December 31, 2003, the difference betweenPerryville's carrying value and the anticipated sale proceeds resulted in anadditional impairment charge of $13.2 million ($8.1 million after tax). The sale of the plant was consummated on June 30, 2005.  For additional informationregarding Perryville, the Mirant Debtors' bankruptcy, sale agreement, anddamage claims, see Note 21 - "Perryville."

***Cleco Energy 2004 -Discontinued Operations***

In June 2004, following final bids for the oil andgas production properties of Cleco Energy, Cleco recorded a pre-tax impairmentloss in the second quarter of 2004, which represented the excess of thecarrying value over the calculated fair value of the assets, less costs tosell.  For additional information related to the sale of the oil and gasproduction properties, see Note 16 - "Discontinued Operations and Dispositions."

***Cleco Energy 2003 -Discontinued Operations***

In December 2003, following the loss of ClecoEnergy's largest industrial customer and Cleco's decision to focus Cleco'sbusiness strategy on core assets, the decision was made to potentially scaledown operations and contribute substantially all of the assets to a jointventure or sell substantially all of the assets.  Therefore, the carryingvalue of Cleco Energy's assets was compared to its undiscounted,probability-weighted, future cash flows.  The analysis of probabilityweighting of future cash flows under possible scenarios, as required by SFASNo. 144, changed due to the decision to scale down operations.  As aresult of the change in probability weighting of Cleco Energy's undiscountedfuture cash flows, management believed that the carrying value of Cleco Energy'slong-lived assets was impaired; therefore, the carrying value of these assetswas reduced to fair value.

  104

**Note 19 - FERC and Fuel Audit Settlements**

***FERC Settlement***

On July 25, 2003, the FERC issued an orderapproving a Consent Agreement between the FERC Staff and Cleco that settled theFERC investigation that commenced after Cleco's disclosure in November 2002 ofcertain energy marketing and trading practices.  By its terms, the ConsentAgreement was effective on August 24, 2003 (the Effective Date).  As a part ofthe settlement, Cleco agreed to certain penalties and remedies, includingpayment of a $0.8 million civil penalty to the FERC.

The Compliance Plan requires that Cleco obtain fromthe FERC Staff their approval of the plan's policies and procedures.  On April7, 2004, the FERC Staff confirmed, in writing, Cleco's substantial complianceto date with the Consent Agreement and Compliance Plan.  On October 25, 2005, anexternal audit of Cleco's compliance with the requirements of the CompliancePlan for the period August 25, 2004 to August 21, 2005 (the 2005 audit) wasprovided to FERC.  As of our filing date, review of the 2005 audit by FERC wasnot complete.

***Fuel Audit Settlement***

The 2001-2002 Fuel Audit commenced in March 2003and included Fuel Adjustment Clause filings for January 2001 through December2002, although a portion of the data requested for the audit related to periodsprior to 2001.  In July 2004, the LPSC issued an order approving settlement ofthe fuel audit and related issues with the LPSC staff and intervenors in thefuel audit proceeding.  In November 2004, the 27th Judicial DistrictCourt dismissed with prejudice a related lawsuit brought by several Cleco Powercustomers and released all claims related to the lawsuit.  The settlement ofthe LPSC fuel audit and related trading issues called for Cleco Power to refund$16.0 million to its retail customers.  The distribution of the refund was completedin February 2005.  Cleco Power agreed as part of the settlement to make certainFuel Adjustment Clause filings and affiliate reports with the LPSC, to adopt areasonable compliance monitoring program, and to review with the LPSC Staff itsaffiliate code of conduct in order to make recommendations to expand the codeof conduct.  The settlement also included an agreement between Cleco Power andthe intervenors whereby Cleco paid a specified amount of the intervenors'attorney fees.  The settlement agreement resolved issues related to recovery offuel and purchased power expenses for 2001 and 2002, including related gas putoptions and gas transportation charges, and all trading issues covered by theaudit.  Cleco Power's pre-tax earnings in the second quarter of 2004 werereduced by $10.0 million due to the settlement, which represented the amount ofthe customer refund and intervenors' attorney fees associated with thesettlement, less amounts previously recorded in conjunction with issues coveredby the settlement.

**Note 20 - Affiliate Transactions**

***Cleco***

Cleco has affiliate balances that were noteliminated as of December 31, 2005.  The balances were not eliminated due tothe deconsolidation of Evangeline and Perryville.  For information on thesedeconsolidations, see Note 13 - "Equity Investment in Investees" and Note 21 -"Perryville - Financial Results."

Effective July 1, 1999, Cleco entered into serviceagreements with affiliates that provide Cleco access to professional servicesand goods.  Services and goods provided by Cleco Power are charged atmanagement's estimate of fair market value or fully loaded cost, whichever ishigher.  Services provided to Cleco Power are charged at management's estimateof fair market value or fully loaded cost, whichever is lower, with the exceptionof Support Group, which charges only fully loaded cost in order to comply withCleco's affiliate policy.

Affiliate goods and services received by Clecoprimarily involve services provided by Support Group and Generation Services. Support Group provides joint and common administrative support services in theareas of information technology; finance, cash management, accounting andauditing; human resources; corporate communications; project consulting; riskmanagement; strategic and corporate development; legal, ethics and regulatorycompliance; facilities management; supply chain and inventory management andother administrative services.  Generation Services provides electric powerplant operations and maintenance expertise.  Following is a summary of chargesfrom each affiliate included in Cleco Corporation's Statements of Operations:

                       FOR THE YEAR ENDED DECEMBER31,

(THOUSANDS)

**              2005**

              2004

              2003

**Support Group**

     Other operations

** $ 1,923**

   $      2,149

   $               -

     Maintenance

**        828**

              902

                    -

     Taxes other than income taxes

**          10**

                   9

                    -

     Income taxes

**           (7)**

                 11

                    -

     Other deductions

**          15**

                 54

                    -

     Interest charges

**            2**

                   2

                    -

**Cleco Power**

     Other operations

**          62**

                 22

                    -

     Maintenance

**        139**

                    -

                    -

     Other deductions

**            5**

                    -

                    -

**Generation Services**

     Other operations

**     1,876**

           1,759

                    -

**    **  Maintenance

**     2,125**

           2,026

                    -

**CLE Intrastate**

     Fuel purchased

**        848**

              620

                    -

Following is a reconciliation of Cleco intercompanyrevenue:

                       FOR THE YEAR ENDED DECEMBER  31,

(THOUSANDS)

**              2005**

              2004

              2003

Evangeline 

** $ 5,702**

   $      4,306

   $               -

Perryville 

**     2,177**

           3,461

                    -

     Total

** $ 7,879**

   $      7,767

   $               -

105

Cleco had thefollowing affiliate receivable and payable balances associated with the serviceagreements between Cleco and its affiliates:

                       AT DECEMBER 31,

** **

** **

**              2005**

              2004

**   ACCOUNTS**

** **

**    ACCOUNTS**

       ACCOUNTS

       ACCOUNTS

(THOUSANDS)

**RECEIVABLE**

** **

**         PAYABLE**

   RECEIVABLE

         PAYABLE

Evangeline

** $     989**

** $ 1,316**

   $         939

   $      5,819

Perryville

**          82**

**     2,123**

           1,337

        12,815

     Total

** $  1,071**

** $ 3,439**

   $      2,276

   $    18,634

***Cleco Power***

Effective July 1, 1999, Cleco Power entered intoservice agreements with affiliates that provide Cleco Power access toprofessional services and goods.  The services and goods are charged to ClecoPower at management's estimate of fair market value or fully loaded cost,whichever is lower, with the exception of Support Group, which charges only fullyloaded cost in order to comply with Cleco's affiliate policy.  Cleco Power reviewed certain transactions betweenCleco Power and certain Midstream companies and determined these transactions exceededthe pricing standards of the LPSC.  In June 2003, CLE Intrastate transferred toCleco Power its natural gas pipeline and interconnections at Rodemacher and Techepower stations with Trunkline Gas Company, Louisiana Intrastate PipelineCompany, and ANR Pipeline Company.  The pipeline and interconnections allowCleco Power to access various natural gas supply markets, which helps to maintaina more economical fuel supply for Cleco Power's customers.

Affiliate goods and services received by ClecoPower primarily involve services provided by Support Group.  Support Groupprovides joint and common administrative support services in the areas ofinformation technology; finance, cash management, accounting and auditing;human resources; corporate communications; project consulting; risk management;strategic and corporate development; legal, ethics and regulatory compliance; facilitiesmanagement; supply chain and inventory management and other administrativeservices.  It also provides electric power plant operations, maintenance, andengineering expertise to Cleco Power.  A summary of charges from each affiliateincluded in the Statements of Income of Cleco Power follows:

FOR THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

              2003

**Cleco Corporation**

     Other operations

** $             -**

   $               -

   $            45

**Support Group**

     Other operations

**   32,942**

        30,129

        24,474

     Maintenance

**     4,768**

           4,050

           4,042

     Restructuring charge

**             -**

                    -

               (96)

     Taxes other than income taxes

**        125**

              101

                 87

     Other deductions

**        527**

              600

              571

     Interest charges

**          14**

                    -

                    -

     Income taxes

**          42**

                    -

                    -

**Midstream**

     Other operations

**             -**

                    -

                   8

**Evangeline**

     Fuel and power purchased

**             -**

                    -

             (111)

     Other operations

**             -**

                    -

               (36)

     Other deductions

**            4**

                    -

                   5

**Marketing & Trading**

     Fuel and power purchased

**             -**

                    -

         (1,070)

     Other operations

**             -**

                    -

                  (2)

**Generation Services**

     Other operations

**             -**

                 12

                 50

     Maintenance

**             -**

                   1

                   9

**Cleco Energy**

     Fuel and power purchased

**             -**

                    -

              100

     Other operations

**             -**

                    -

                   1

**CLE Intrastate**

     Fuel purchased

**             -**

              292

                    -

**Diversified Lands**

     Other deductions

**          53**

                 58

                 49

**Perryville**

     Other operations

**             -**

                    -

                  (2)

     Other deductions

**          35**

                    -

                 13

Cleco Power also entered into agreements to provide goods and services toaffiliated companies.  The goods and services are charged by Cleco Power atfully loaded cost or management's estimate of fair market value, whichever ishigher, in order to comply with Cleco's affiliate policy.  The majority of theservices provided by Cleco Power to affiliates relates to the lease of officespace to Support Group.  Following is a reconciliation of Cleco Power's affiliaterevenue:

                       FOR THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

              2003

Support Group

** $ 1,974**

   $      1,829

   $       2,094

Midstream 

**          28**

                 24

                 32

Evangeline 

**          49**

                 29

                 14

Marketing & Trading

**             -**

                    -

                 64

Generation Services 

**             -**

                    -

                   5

     Total

** $ 2,051**

   $      1,882

   $      2,209

106

Cleco Power had the following affiliatereceivable and payable balances associated with the service agreements betweenCleco Power and its affiliates:

                       AT DECEMBER 31,

** **

** **

**              2005**

              2004

**   ACCOUNTS**

** **

**    ACCOUNTS**

       ACCOUNTS

       ACCOUNTS

(THOUSANDS)

**RECEIVABLE**

** **

**         PAYABLE**

   RECEIVABLE

         PAYABLE

Cleco Corporation

** $    1,988**

** $ 1,604**

   $      3,731

   $         992

Support Group 

**     2,429**

**     6,309**

           1,320

           6,912

Midstream 

**          17**

**            1**

                   5

                    -

Evangeline

**         (45)**

**             -**

                 18

                    -

Generation Services

**          20**

**            5**

                 16

                   2

Cleco Energy 

**             -**

**            8**

                    -

                    -

Diversified Lands 

**          12**

**          86**

                   2

                 60

Perryville

**             -**

**             -**

                   6

                    -

Others

**        109**

**        109**

              110

              109

     Total

** $    4,530**

** $ 8,122**

   $      5,208

   $      8,075

Forthe years ended December 31, 2005, and 2004, Cleco Power paid cash dividends toCleco Corporation of approximately $52.9 million and $44.7 million,respectively.

Affiliates that participate in the definedbenefit pension plan sponsored by Cleco Power transfer their liability and anequal amount of cash on a periodic basis to Cleco Power.  The table below showsthe amounts transferred by affiliates during 2005 and 2004:

                  FOR THE YEAR ENDED

                            DECEMBER 31,

(THOUSANDS)

**              2005**

              2004

Cleco Corporation

** $           -**

   $          236

Support Group

**     1,887**

           1,855

Generation Services

**        241**

              194

Midstream

**          78**

                 35

     Total

** $  2,206**

   $      2,320

**Note 21 - Perryville**

***Background***

Perryville owned and operated a 718-MW naturalgas-fired power plant near Perryville, Louisiana.  In July 2001,Perryville began operating under the Perryville Tolling Agreement, a 21-yearcapacity and energy sale agreement for use of Perryville's entire capacity,with MAEM, a subsidiary of Mirant.  Under the terms of the PerryvilleTolling Agreement, MAEM had the right to supply natural gas to fuel thePerryville facility, and it was exclusively entitled to all of the capacity andenergy output from the facility.  Perryville was obligated to provideenergy conversion services, within specified performance parameters, whenrequested by MAEM.  The agreement required MAEM to pay Perryville variouscapacity reservation and fixed operations and maintenance fees, the amounts ofwhich depended upon the type of capacity and ultimate performance achieved bythe facility.  In addition to the capacity reservation and fixed operatingand maintenance payments from MAEM, Perryville was entitled to collect and MAEMwas obligated to pay amounts associated with variable operating and maintenanceexpenses based on MAEM's dispatch of the facility under the Perryville TollingAgreement.  Payments received from MAEM under the Perryville TollingAgreement were Perryville's only source of revenue.  Mirant and MAI providedlimited guarantees that supported MAEM's obligations under the PerryvilleTolling Agreement.

***Mirant Bankruptcy andMAEM's Rejection of the Perryville Tolling Agreement***

On July 14, 2003, the Mirant Debtors filed forprotection under Chapter 11 of the U.S. Bankruptcy Code in the Mirant DebtorsBankruptcy Court.  The Perryville Tolling Agreement was rejected pursuantto section 365 of the U.S. Bankruptcy Code as of September 15, 2003, inaccordance with a motion by the Mirant Debtors that was granted by the MirantDebtors Bankruptcy Court.  Upon the rejection of the Perryville TollingAgreement, MAEM's rights and obligations under such agreement were terminated.

***Perryville TollingAgreement Administrative Expense and Damage Claims***

Perryville asserted an administrative expenseclaim against MAEM arising out of post-petition services performed by Perryvilleunder the Perryville Tolling Agreement prior to its rejection.  In addition,Perryville filed damage claims against MAEM due to the rejection of the PerryvilleTolling Agreement and against Mirant and MAI under their respective limitedguarantees.  The Mirant Debtors filed various objections to Perryville'sclaims.  The parties participated in mediation and engaged in extensivediscovery.  On May 27, 2005, Perryville and PEH and the Mirant Debtorsexecuted a settlement agreement (the Mirant Settlement Agreement) resolvingPerryville's claims against the Mirant Debtors, as well as MAI's $98.7 millionclaims against Perryville and PEH related to the Subordinated Loan Agreement(the MAI Claim).  The Mirant Settlement Agreement was approved by thePerryville and PEH Bankruptcy Court on June 24, 2005, and by the Mirant DebtorsBankruptcy Court on June 28, 2005.  The Mirant Settlement Agreement becameeffective on July 8, 2005.

Subject to the terms and conditions therein, theMirant Settlement Agreement provides that Perryville's claims in Mirant'sbankruptcy cases are allowed in the amount of $207.0 million.  On July 19,2005, this amount was reduced, pursuant to the Mirant Settlement Agreement, to$108.3 million when Perryville elected to offset its $98.7 million claim (theSubordinated Debt Claim) against MAI with MAI's $98.7 million claim against Perryville. The $98.7 million claim is reflected in other income in "- Financial Results"below.  

As allowed by the Mirant Settlement Agreement,Perryville sold its remaining claims of $108.3 million against MAEM and Mirantin August 2005 to various parties at 76.5% of the face amount of theseclaims.  The pre-tax net proceeds from this sale were $81.2 million. These amounts are reflected in other income and other expense, as applicable,in "- Financial Results" below.

***Perryville Bankruptcy***

On January 28, 2004, to facilitate an orderlysales process, Perryville and PEH filed voluntary petitions in the Perryvilleand PEH Bankruptcy Court for protection under Chapter 11 of the 

107

U.S. BankruptcyCode.  Neither Cleco Corporation nor any of its other subsidiaries wereincluded in the filings.

On July 29, 2005, Perryville and PEH filed adisclosure statement for a joint plan of reorganization to the Perryville andPEH Bankruptcy Court.  An amended disclosure statement was filed byPerryville and PEH on August 25, 2005.  The Perryville and PEH BankruptcyCourt approved the First Amended Disclosure Statement on August 30, 2005.

On September 28, 2005, the Perryville and PEH BankruptcyCourt confirmed the First Amended Joint Plan of Reorganization under Chapter 11of the Bankruptcy Code (the Plan) proposed by Perryville and PEH. 

An order confirming the Plan was entered by the BankruptcyCourt on September 28, 2005, and the order became final on October 10,2005.  The conditions to the effectiveness of the Plan were satisfied, andthe Plan became effective as of October 11, 2005 (the Effective Date). Perryville and PEH completed their bankruptcy process on November 30, 2005;when the Bankruptcy Court approved the granting of final decree and closed thecase.

As of December 31, 2005, all allowed pre-petitionclaims ($2.2 million) against Perryville and PEH were paid in full inaccordance with the Plan.  In addition, cash in the amount of $116.4million, including dividends of $90.0 million, was distributed to ClecoCorporation following the reorganization of Perryville and PEH.  Theadditional cash distributed to Cleco Corporation represented a net settlementof intercompany payables, resulting primarily from income tax allocations.  Exceptfor distributions made to creditors and equity holders under the Plan, thetitle to all assets of Perryville and PEH vested with the reorganized Perryvilleand PEH free and clear of all liens, claims, causes of action, interests, securityinterests and other encumbrances and without further order of the BankruptcyCourt as of the Effective Date.  In addition, the reorganized Perryvilleand PEH may operate their businesses and use, acquire and dispose of theirassets free of any restrictions of the Bankruptcy Code.

***Sale of the PerryvilleFacility***

On January 28, 2004, Perryville entered into theSale Agreement to sell its 718-MW power plant to Entergy Louisiana.  TheSale Agreement was approved by the Perryville and PEH Bankruptcy Court byorders dated April 23, 2004, December 8, 2004, and June 24, 2005.  Thesale was consummated on June 30, 2005, and Perryville received $162.0 millionin cash proceeds.  The assets sold to Entergy Louisiana did not includePerryville's claims against the Mirant Debtors, transmission assets or anyother cash-related assets of Perryville.  Perryville recorded a pre-taxgain on the sale of the generating assets of $9.6 million, as reflected in "- FinancialResults" below.

On June 30, 2005, Perryville used $131.0 million ofthe proceeds from the sale of the generating assets to Entergy Louisiana torepay all principal and interest owed under the Senior Loan Agreement.

Cleco Corporation provided a limited guarantee toEntergy Louisiana and Entergy Gulf States for Perryville's performance,indemnity, representation, and warranty obligations under the Sale Agreement,the Power Purchase Agreement, and other ancillary agreements related to thesale.  As of December 31, 2005, the aggregate guarantee of $277.4 millionis limited to $142.4 million (other than with respect to the indemnification ofenvironmental matters, to which there is no limit).  For additionalinformation on this guarantee, see Note 17 - "Disclosures About Guarantees."

***Perryville Operations***

Perryville has retained ownership of its transmissioninterconnection equipment.  The transmission assets, comprised primarily oftransformers and interconnection equipment, provide transmission service forEntergy Louisiana to interconnect and deliver the output of the Perryvillegenerating assets to the Entergy transmission grid.  Perryville providestransmission and interconnection service to Entergy Louisiana under a cost ofservice based tariff accepted for filing by the FERC, subject to hearing andrefund by order issued on March 22, 2005.  On May 25, 2005, Perryville andEntergy Louisiana jointly filed an offer of settlement to reflect thesettlement in principle negotiated with the FERC Staff.  The settlement,approved by the FERC on August 3, 2005, resolved all issues which concern thePerryville cost-of-service transmission rate.  Under the terms of thesettlement, Perryville charges Entergy Louisiana an interconnect service chargeof approximately $1.0 million annually.  The settlement also requiresPerryville to make an informational filing with the FERC showing the actualoperation and maintenance, general and administrative costs, and the actualproperty taxes incurred during the calendar year periods 2006 through 2008 tooperate the Interconnect Facilities and to provide Interconnect Services toEntergy Louisiana.

***Financial Results***

The financial results of Perryville and PEH priorto their filing for bankruptcy protection on January 27, 2004, are included inCleco Corporation's consolidated results.  However, generally acceptedaccounting principles preclude consolidation of majority-owned subsidiarieswhere control does not rest with the majority owners.  During thereorganization period (January 28, 2004 through October 10, 2005), Clecoutilized the cost method to account for its investment in Perryville and PEH. The cost method requires Cleco to present the net assets of Perryville and PEHat January 27, 2004, as an investment and not recognize any income or loss fromPerryville or PEH in Cleco's results of operations during the reorganizationperiod.  On October 11, 2005, an order confirming PEH and Perryville's plan ofreorganization became final.  As of the effective date of the order, the costmethod was no longer the appropriate method to use to account for the investmentin Perryville and PEH.  Through a review of equity interests and other contractualrelationships, as required by FIN 46R, Cleco was determined to be the primarybeneficiary of PEH.  Therefore, effective October 11, 2005, PEH's resultsduring the reorganization period are reflected in Cleco's consolidated results. In a similar review, Cleco has determined that it is not the primarybeneficiary of Perryville, which is considered a variable 

108

interest entity. Therefore, effective October 11, 2005, Perryville's revenue and expenses duringthe reorganization period are netted and reported as equity income from investees on Cleco Corporation's Consolidated Statements of Operations, andPerryville's assets and liabilities are represented by one line itemcorresponding to Cleco's equity investment in Perryville on Cleco Corporation'sConsolidated Balance Sheets.  However, Clecowould reintegrate PEH retroactively to January 28, 2004, and in accordance withFIN 46R, Cleco would report its investment in Perryville on the equity methodof accounting retroactively to January 28, 2004.  However, in accordance withAPB Opinion No. 18, since PEH and Perryville had a negative cost basis andincurred losses for 2004 and the first and second quarters of 2005, PEH andPerryville should not be reflected in Cleco Corporation's ConsolidatedStatements of Operations until such time as PEH and Perryville have sufficientincome to exceed their negative cost basis and cumulative losses.  In the thirdquarter of 2005, Perryville recognized earnings from the settlement of itsclaims against Mirant sufficient to exceed PEH's and Perryville's initialnegative cost basis and cumulative losses incurred after January 28, 2004.  WhenCleco files its Quarterly Report on Form 10-Q for the quarterly period endingSeptember 30, 2006, the comparative periods for 2005 will be restated to reflectPEH's and Perryville's reintegration in the third quarter of 2005.  This restatementfrom the fourth quarter of 2005 to the third quarter of 2005 will not have animpact on Cleco's consolidated results for the year ended December 31, 2005.

The Perryville and PEH consolidated financialstatements set forth below have been prepared in conformity with SOP 90-7,which requires a segregation of liabilities subject to compromise by thePerryville and PEH Bankruptcy Court as of the bankruptcy filing date andidentification of all transactions and events that are associated directly withthe reorganization.  Liabilities subject to compromise include pre-petitionunsecured claims, which may be settled at amounts which differ from thoserecorded in the Perryville and PEH consolidated financial statements.  AtDecember 31, 2005, since Perryville and PEH were no longer in bankruptcy, theDecember 31, 2005 balance sheet is not presented.

***ConsolidatedStatements of Operations***

                                 FOR THE YEAR ENDED DECEMBER 31,

  (THOUSANDS)

**                   2005****POST****-PETITION**

                  **POST****      BANKRUPTCY**

      **2005 TOTAL**

                  2004       PRE-PETITION(1)

                  2004   POST-PETITION(2)

       2004 TOTAL

                  2003

Operating revenue

**   $   10,052**

**   $      264**

**   $   10,316**

   $                72

   $         15,348

 $          15,420

 $        40,946

Operating expenses,  including depreciation

**      11,779**

**             17**

**      11,796**

               2,373

            15,433

            17,806

            33,502

Gain on sale of  assets

**      10,110**

**         (488)**

**        9,622**

                        -

                        -

                       -

                       -

Impairments of  long-lived assets

**                -**

**               -**

**                -**

                        -

                        -

                       -

         147,993

Interest charges

**        5,459**

**           (60)**

**        5,399**

                   458

               7,763

              8,221

              5,132

Other income

**    207,678**

**             57**

**    207,735**

                     10

                  152

                 162

                  466

Other expense

**      27,135**

**               -**

**      27,135**

                        4

                     28

                    32

                    32

Federal and state  income tax (benefit) expense 

**      70,594**

**           (48)**

**      70,546**

              (1,058)

             (2,967)

             (4,025)

          (55,877)

Net (loss) income

**   $ 112,873**

**   $      (76)**

**   $ 112,797**

   $         (1,695)

   $        (4,757)

 $         (6,452)

 $      (89,370)

(1)  January 1, 2004 -  January 27, 2004

 
(2)  January 28, 2004 -  December 31, 2004

 
 

***ConsolidatedBalance Sheets***

(THOUSANDS)

AT DECEMBER 31, 2004

Current assets

      $              18,462

Accounts receivable-affiliate

                        6,739

Notes receivable-affiliate

                        6,076

Property, plant and equipment, net

                   161,748

Other assets

                     29,920

     Total assets

      $           222,945

Current liabilities

      $               2,052

Pre-petition secured liability

                   127,552

Accounts payable-affiliate

                           377

Liabilities subject to compromise  (1)

                   102,008

Deferred credits

                              24

Long-term debt, net

                                 -

Member's equity

                      (9,068)

     Total liabilities and member's equity

      $          222,945

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

               Unsecured debt

      $            98,650

               Accounts payable-affiliate

                           960

               Accounts payable

                        1,435

               Current deferred taxes

                           208

               Long-term deferred taxes

                           755

                        Total

      $          102,008

 

For information about Perryville subsequent tobankruptcy, see Note 13 - "Equity Investment in Investees."

**Note 22 - Accounting for Asset Retirement Obligation**

Cleco has recordedasset retirement obligations (liabilities) in accordance with SFAS No. 143,that became effective on January 1, 2003, and FIN 47, effective for fiscalyears ending after December 15, 2005.  SFAS No. 143 requires an entity torecord an asset retirement obligation (ARO) when there is a legal obligationunder existing or enacted law, statute, written or oral contract, or by legalconstruction under the doctrine of promissory estoppel to incur costs to removean asset when the asset is retired.  FIN 47 requires an ARO which is conditionalon a future event to be recorded even if the event has not yet occurred. 

At the point theliability for asset retirement is incurred, SFAS No. 143 requirescapitalization of the costs to the related asset, property, plant andequipment, net.  For asset retirement obligations existing at the time ofadoption, the statement requires capitalization of costs at the level thatexisted at the point of incurring the liability.  These capitalized costs are depreciated over the same period as the related property.  ClecoPower recorded the depreciation expense for past periods at the date of adoptionas a regulatory asset in

109

accordance with SFAS No. 71, because Cleco Power believesthe LPSC will allow it to recover these costs in future rates.  Cleco Poweralso defers the current depreciation of the asset retirement cost as aregulatory asset under SFAS No. 71. 

Under SFAS No. 143, theinitial ARO liability recorded is accreted to its present value each accountingperiod.  Cleco Power defers this accretion as a regulatory asset based on itsdetermination that these costs can be collected from customers.

Under SFAS No.143, Cleco Power determined that a liability exists for cleanup and closingcosts of solid waste facilities associated with its generating stations thatuse lignite and coal for fuel.  Applying FIN 47, Cleco Power determined that aliability exists for costs which may be incurred in the future for removal ofasbestos from its general service buildings, the removal of transmission towerson leased rights-of-way and for the abatement of Polychlorinated Biphenyls(PCBs) in transformers.  Evangeline also determined that a liability exists forremoval of asbestos at its generating station. 

Due to theindeterminate life of the generating station using coal, an asset retirementobligation was not recorded under SFAS No. 143.  In addition, due to the remoteprobability that the site used by Cleco Power's generating station utilizingcoal for fuel would be retired (due to the plan to construct another unit atthe site), a liability under FIN 47 was not recorded.  However, Cleco Power wasable to reasonably estimate the obligation associated with the power station usinglignite as fuel, based on the amount of lignite reserves available to fuel thestation, and recorded an asset retirement obligation for the related cleanupand closure costs.  At December 31, 2005, this liability is estimated at $0.4million and is included in other deferred credits.  

At December 31,2005, Cleco Power's liability for removal of asbestos is estimated at $0.1million and also is included in other deferred credits.

Under FIN 47, ClecoPower did not recognize an obligation for the costs of removing transmissiontowers on leased rights-of-way because of the indeterminate life of theseassets.  PCB's were common in transformers purchased before 1976.  During the29 years since then, most of the transformers containing PCB's have been eitherreplaced or, during routine maintenance, have been remediated.  The liabilityon remaining pre-1976 transformers is considered immaterial to Cleco Power. 

In addition to ClecoPower's AROs listed above, at December 31, 2005, Evangeline's asset retirementobligation relating to the removal of asbestos at its generating stationtotaled $0.5 million.  This ARO at Evangeline is not included in the amountspresented in Cleco Corporation's Consolidated Balance Sheet due to thedeconsolidation of Evangeline.  For information on the deconsolidation, seeNote 2 - "Summary of Significant Accounting Policies - Principles of Consolidation." Upon adoption of FIN 47, Evangeline recognized a cumulative change inaccounting principle expense of $0.3 million, net of tax, which was reflectedin the equity income from investees' line item on Cleco Corporation'sConsolidated Statement of Operations.  This amount was not deemed material tothe consolidated financial statements of Cleco Corporation.

The following tableshows costs as of January 1, 2003, and changes to the asset retirementobligations and accumulated depreciation during the twelve months ended December31, 2005, 2004, and 2003.

ORIGINAL ASSET
ASSET
ACCUMULATED
RETIREMENT
ACCUMULATED
RETIREMENT
DEPRECIATION OF
(THOUSANDS)

OBLIGATION
ACCRETION
OBLIGATION
RELATED ASSET
Balance, January 1, 2003 

                $        90

                $     211

                $     301

                $        29

Changes through December 31, 2003

                             -

                          23

                          23

                             2

Balance, December 31, 2003

                $        90

                $     234

                $     324

                $        31

Changes through December 31, 2004

                             -

                          24

                          24

                             2

Balance, December 31, 2004

                $        90

                $     258

                $     348

                $        33

Changes through December 31, 2005

     Solid waste facilities

                             -

                          26

                          26

                             2

     Asbestos (initial recognition)

                          17

                        122

                        139

                          11

Balance, December 31, 2005

**           $     107**

**           $    406**

**           $   5  13**

**           $       46**

As of December 31, 2005, Cleco Power'sregulatory asset, included in other deferred charges, is the total accumulatedaccretion of $0.4 million and accumulated depreciation of $0.1 million for atotal of $0.5 million. 

Prior to the adoption of SFAS No. 143, ClecoPower did not recover in rates any allowances for closure costs for any assetsin use or retired and has not recognized any additional depreciation orutilized depreciation rates that include a negative salvage component.

If FIN 47 had been in effect in 2003, the pro formaimpact on Cleco's net income (loss) for comparative years due to Evangeline's accretionand depreciation expense is disclosed below:

                  FOR THE YEAR ENDED

                            DECEMBER 31,

(THOUSANDS)

              2004

              2003

Net income (loss) as reported

   $   66,189

   $  (34,929)

FIN 47 pro forma expense, net of tax

               (23)

               (21)

     Total

   $   66,166

   $  (34,950)

110

Due to the small size of the pro formaexpense, pro forma earnings per share would not have been impacted and are notpresented.  Cleco Power's adoption of FIN 47 had no income impact because theaccretion and depreciation expense would not have been recognized as an expensebut rather deferred as an increase inregulatory assets.

The table below discloses the pro forma assetretirement obligation during the twelve months ending December 31, 2004, forCleco as if FIN 47 had been in effect during 2004:

ASSET RETIREMENT
DECONSOLIDATION OF
OBLIGATION
ACCRETION OF OBLIGATION
ASSET RETIREMENT
OBLIGATION AT
EVANGELINE PURSUANT TO
RECOGNIZED ON
RECOGNIZED THROUGH
OBLIGATION AT
(THOUSANDS)

              JANUARY 1, 2004

                              FIN 46R

ASSETS ACQUIRED
          DECEMBER 31, 2004

         DECEMBER 31, 2004

Cleco Power

     As reported

                $              324

                $                   -

                $                   -

                $                24

                $              348

     Pro forma FIN 47 adoption

                                122

                                      -

                                      -

                                     8

                                130

Total Cleco Power

                                446

                                      -

                                      -

                                   32

                                478

Evangeline

                                425

                               (425)

                                      -

                                      -

                                      -

Total consolidated

                $              871

                $            (425)

                $                   -

                $                32

                $              478

**Note 23 - Calpine Bankruptcy**

***Background***

Acadia is a limited liability company whosemembers are wholly owned subsidiaries of Midstream and Calpine.  Each memberowns a 50% membership interest in Acadia and its 1,160-MW, natural gas-firedpower plant near Eunice, Louisiana.  The Acadia facility consists of two 580-MWpower blocks, which are operated by a Calpine subsidiary.  Acadia's outputcurrently is sold through the Calpine Tolling Agreements which expire in 2022. Prior to May 2003, Acadia's output was sold through tolling agreements with twoseparate counterparties: one through the Aquila Tolling Agreement and the otherthrough one of the Calpine Tolling Agreements.  In May 2003, Acadia terminatedits 580-MW 20-year tolling agreement with Aquila Energy and entered into areplacement contract with CES.  Under the terms of the Calpine TollingAgreements, CES has the right to supply natural gas to fuel the Acadiafacility, and it is exclusively entitled to all of the capacity and energyoutput from the facility.  Acadia is obligated to provide energy conversionservices, within specified performance parameters, when requested by CES.  Theagreements require CES to pay Acadia various capacity reservation and fixedoperations and maintenance fees, the amounts of which depend upon the type ofcapacity and ultimate performance achieved by the facility.  In addition, CES isobligated to pay amounts associated with variable operating and maintenanceexpenses based on CES's dispatch of the facility under the Calpine TollingAgreements.  Payments received from CES under the Calpine Tolling Agreements areAcadia's only source of revenue.  Calpine has provided guarantees that support CES'sobligations under the Calpine Tolling Agreements.

Calpine has also issuedletters of credit, payable to APH, totaling $15.0 million which provideadditional credit support in the event CES does not fulfill its obligationsunder the Calpine Tolling Agreements.  At the time these guarantees wereissued, the credit ratings of Calpine were below investment grade.

A $14.0 millionpriority distribution to APH was established when CES entered into the secondAcadia tolling agreement in May 2003.  In August 2005, Acadia and Calpineexecuted agreements with CES to settle their dispute over the availability oftransmission capacity at the Acadia plant under the Calpine Tolling Agreements. One of the terms of that settlement requires APH to receive guaranteed cashpayments from CES through 2022.  These payments enhance the cash distributionsavailable to APH and are recorded as a component of other income on ClecoCorporation's Condensed Consolidated Statements of Income.  In addition, in theevent of a CES default under the Calpine Tolling Agreements, these payments areguaranteed by Calpine Acadia Holdings (CAH) and Acadia.  Under the current arrangement,in the event that CES defaults in making such payments and CAH defaults underits guarantee, APH will receive guaranteed and priority annual cash paymentsfrom Acadia totaling $19.0 million through 2011 and $21.0 million thereafterthrough 2022.  Acadia will make these annual cash payments to APH only whencash is available, and any unpaid amounts will accumulate to APH.  The currentarrangement was effective as of July 1, 2005, and prorated for the years 2005and 2022.

***Calpine Bankruptcy***

On December 20, 2005, the Calpine Debtors filedfor protection under Chapter 11 of the U.S. Bankruptcy Code in the CalpineDebtors Bankruptcy Court.  On December 21, 2005, the Calpine Debtors filed amotion with the Calpine Debtors Bankruptcy Court seeking to reject the CalpineTolling Agreements in addition to six other power supply contracts with otherentities.  The issue was referred to the U.S. District Court for the SouthernDistrict of New York for consideration, where on January 27, 2006, a federaljudge dismissed the Calpine Debtors' motion to reject the eight power supplycontracts, ruling that the FERC has exclusive jurisdiction over the dispositionof the energy contracts, not the bankruptcy court.  The Calpine Debtors haveappealed the decision to U.S. Court of Appeals for the Second Circuit in NewYork City.  A tentative hearing date has been set for early April 2006.

Acadia has invoiced CES for obligations performedunder the Calpine Tolling Agreements totaling $3.5 million related topre-petition bankruptcy claims, and $2.0 million for post-petition bankruptcyclaims through December 31, 2005.  Acadia has recorded a reserve foruncollectible accounts of $5.5 million.  Furthermore, Acadia has recorded anadditional 

111

reserve of $9.5 million relating to the long-term lease revenuerecognized in accordance with SFAS No. 13.  CES has failed to make payments onany amounts invoiced by Acadia related to December 2005 or January 2006, whichcombined is $10.9 million.  For information on a subsequent event related to Calpine,see Note 26 - "Subsequent Event - Drawdown of Calpine Letter of Credit."

***Outstanding Loan***

Midstream funded its investment in Acadia througha $273.3 million intercompany loan from Cleco Corporation, which ClecoCorporation in turn funded through the issuance of unsecured notes in thecapital markets.  As such, Acadia does not have project-level financing.  APHpays principal and interest to Cleco Corporation on the amount outstandingrelated to the intercompany loan.  The bankruptcy filings by the Calpine Debtorsare not events of default under any credit facility or financing agreement ofCleco Corporation or its subsidiaries. 

***Plant Operations***

In July 2001, Acadia entered into an operating andmaintenance agreement (O & M Agreement) with Calpine to provide servicesfor the Acadia facility.  The bankruptcy filing by Calpine is an event ofdefault under the O & M Agreement.  However, APH cannot terminate the O& M Agreement at this time due to the automatic stay imposed by thebankruptcy law.  The bankruptcy filings by the Calpine Debtors have not affectedAcadia's operations at this time.  

**Note 24 - Storm Restoration**

In late August and September 2005, Cleco Power'sdistribution and transmission systems sustained substantial damage from twohurricanes. 

On August 29, 2005, Hurricane Katrina made landfallin southeastern Louisiana as a Category 4 storm, knocking out power to approximately87,000 of Cleco Power's electric customers located primarily in St. Tammany andWashington parishes on the north shore of Lake Pontchartrain.  Cleco Power'scurrent estimate of the cost of restoration for damage to Cleco Power'sfacilities caused by Hurricane Katrina is $113.0 million, including costs to berecorded in 2006.  

On September 24, 2005, Hurricane Rita made landfallin southwestern Louisiana as a Category 3 storm, affecting power delivery toapproximately 136,000 of Cleco Power's electric customers in all of ClecoPower's service territory, including the area north of Lake Pontchartrain,which was devastated by Hurricane Katrina just 27 days earlier.  The currentestimate of the cost of restoration for damage to Cleco Power's facilitiescaused by Hurricane Rita is $45.0 million, including costs to be recorded in2006.  

The damage to equipment from Hurricane Katrinarequired extensive replacement, rather than repair, of existing assets.  Therefore,the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately78.6% of the $109.1 million in restoration costs recorded at December 31, 2005,or $85.7 million.  Approximately $4.4 million of the repair-related restorationcost was offset against a reserve for storm damage, an additional $4.9 millionof costs relating to the storm was recorded in operating and maintenanceexpense accounts, and the remaining $14.1 million was recorded as a regulatoryasset, with the approval of the LPSC.

The restoration effort for Hurricane Rita resultedin the capitalization of approximately 68.5% of the $43.5 million inrestoration costs recorded at December 31, 2005, or $29.8 million.  Anadditional $2.1 million of costs was recorded in operating and maintenance expenseaccounts, and the balance of the costs, $11.6 million, also was recorded as aregulatory asset, with the approval of the LPSC.  All storm-related amountsdeferred as a regulatory asset will be amortized over a ten-year periodbeginning in October 2005.

Cleco Power continues to explore the reimbursementof storm restoration costs from the U.S. government based on signed legislation. Cleco Power cannot predict the likelihood that any reimbursement from the U.S.government ultimately will be approved.  Any such reimbursement received fromthe U.S. government will reduce the amount to be recovered from customers.  OnNovember 4, 2005, Cleco filed with the LPSC an application for the recovery inrates of the costs associated with the restoration of service to Cleco'scustomers resulting from Hurricanes Katrina and Rita.  On February 22, 2006,the LPSC approved an interim rate increase of $23.4 million annually for aten-year period to recover approximately $161.8 million of storm restorationcosts.  The interim rate increase becomes effective upon the beginning ofphysical construction for Rodemacher Unit 3 (Phase I) and remains in effect untilthe LPSC completes a review to verify and approve the total amount of stormrestoration costs to be recovered (Phase II), expected to be completed in late2006.  In addition, the LPSC also required that effective immediately, anyearnings above Cleco Power's current 12.25% allowed return on equity becredited against outstanding Katrina and Rita storm restoration costs, ratherthan being shared 50/50 between shareholders and customers.  The creditsagainst storm restoration costs will continue as long as interim relief forstorm costs is in place and the actual amount of storm costs are verified andapproved by the LPSC.

112

**Note 25 - Miscellaneous Financial Information(Unaudited)**

***Cleco***

Quarterly information for Cleco for 2005 and 2004is shown in the following table.

** **

** **

** **

** **

** **

** **

**              2005**

**                1st**

** **

**               2ND**

** **

**               3RD**

** **

**                4TH**

(THOUSANDS,  EXCEPT PER SHARE AMOUNTS)

**      QUARTER**

** **

**      QUARTER**

** **

**      QUARTER**

** **

**      QUARTER**

Operating revenue

**$ 172,116**

**$ 194,108**

**$ 283,656**

**$   270,274**

Operating income 

**$   15,808**

**$   30,926**

**$   45,234**

**$     19,766**

(Loss) income  from discontinued operations, net

**$     (134)**

**$        (72)**

**$       (25)**

**$       (103)**

Net income applicable to common stock  

**$     8,966**

**$   20,179**

**$   41,858**

**$   109,776**

Basic net income per average share  

**$       0.18**

**$       0.40**

**     0.82**

**$         2.14**

Diluted net income per average common share  

**$       0.18**

**$       0.40**

**$       0.82**

**$         2.12**

Dividends paid per common share

**$     0.225**

**$     0.225**

**$     0.225**

**$       0.225**

Closing market price per share

     High

**$     20.99**

**$     21.20**

**$     23.59**

**$       23.79**

     Low

**$     18.25**

**$     19.49**

**$     21.09**

**$       20.51**

 
 
** **

** **

** **

** **

** **

** **

**             **2004

                1st

               2ND

               3RD

                4TH

(THOUSANDS,  EXCEPT PER SHARE AMOUNTS)

        QUARTER

        QUARTER

        QUARTER

        QUARTER

Operating revenue 

$    166,649

$    166,322

$    229,390

$    183,455

Operating income 

$      27,110

$      17,989

$      33,362

$      22,676

Income (loss) from discontinued operations, net

$           158

$         (288)

$          (35)

$     (1,451)

(Loss) income on disposal of segment, net of tax

$                -

$                -

$        (271)

$        1,957

Net income applicable to common stock  

$      13,097

$      10,121

$     26,915

$      13,841

Basic net income per average share  

$          0.27

              0.22

$         0.55

$          0.28

Diluted net income per average common share  

$          0.27

$          0.22

$         0.55

$          0.28

Dividends paid per common share

$        0.225

$        0.225

$       0.225

$        0.225

Closing market price per share

     High

$        18.81

$        18.34

$       17.77

$        20.52

     Low

$        17.00

$        16.10

$       16.34

$        17.17

Cleco Corporation's common stock islisted for trading on the New York Stock Exchange under the ticker symbol"CNL."  Cleco Corporation's preferred stock is not listed on any stock exchange. On December 31, 2005, Cleco had 7,914 common shareholders and 92 preferredshareholders, as determined from the records of the transfer agent.

On January 27, 2006, Cleco Corporation's Boardof Directors declared a quarterly dividend of $0.225 per share payable on February15, 2006, to common shareholders of record on February 6, 2006.  Preferreddividends also were declared payable March 1, 2006, to preferred shareholdersof record on February 15, 2006.

***Cleco Power***

Quarterly information for Cleco Power for 2005 and2004 is shown in the following table.

** **

** **

** **

** **

** **

** **

**              2005**

**                1st**

** **

**               2ND**

** **

**               3RD**

** **

**                4TH**

(THOUSANDS) 

**      QUARTER**

** **

**      QUARTER**

** **

**      QUARTER**

** **

**      QUARTER**

Operating revenue 

**$ 170,188**

**$ 192,158**

**$ 282,269**

**$ 269,358**

Operating income 

**$   18,052**

**$   33,005**

**$   46,013**

**$   20,975**

Net income 

**$     7,609**

**$   17,324**

**$   27,183**

**$     6,964**

Distributions paid to Cleco (as sole member)

**$   12,300**

**$     7,600**

**$   33,000**

**$             -**

 

** **

** **

** **

** **

** **

** **

**             **2004

                1st

                2ND

                3RD

                4TH

(THOUSANDS) 

        QUARTER

         QUARTER

          QUARTER

        QUARTER

Operating revenue 

   $ 156,009

   $ 164,570

   $ 227,339

   $ 181,390

Operating income  

   $   24,675

   $   20,351

   $   34,634

   $   24,470

Net income adjusted

   $   12,005

   $     9,896

   $   16,792

   $   13,507

Distributions paid  to Cleco (as sole member)

   $   11,100

   $   11,800

   $     5,000

   $   16,800

**Note 26 - Subsequent Event**

***Acquisition of Attala's Transmission Assets***

On January 20, 2006, Attala completed the purchaseof the transmission assets of Central Mississippi Generating Company, LLC(CMGC).  These assets currently serve the 480-MW Attala Generating Station,located in Kosciusko, Mississippi.  Attala acquired the transmission assets forapproximately $6.9 million.  Concurrently, Entergy Mississippi, Inc. acquiredthe CMGC generating asset.  Attala began providing transmission interconnectionservices to Entergy Mississippi's Attala Generating Station under aFERC-approved cost-of-service tariff on January 20, 2006.

***Drawdown of Calpine Letter of Credit***

On February 13, 2006, APH drew $2.8 million againstthe $15.0 million letter of credit issued by Calpine.  This draw was made inaccordance with the terms and provisions of the Calpine Tolling Agreementswhich give APH the right to demand a payment upon the occurrence of certainevents of default.  An event of default occurred when CES failed to make the requiredDecember 2005 payment under the tolling agreements.

113

**ITEM 9.**       CHANGES IN AND DISAGREEMENTSWITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

**ITEM 9A.**     CONTROLS AND PROCEDURES

***Evaluationof Disclosure Controls and Procedures***

In accordance with Rules 13a-15 and 15d-15 underthe Securities Exchange Act of 1934, theRegistrants' management has evaluated, as of the end of the periodcovered by this annual report, with the supervisionand participation of the Registrants' chief executive officer and chieffinancial officer, the effectiveness of the Registrants' disclosure controlsand procedures as defined by Rules 13a-15(e) and 15d-15(e) under theSecurities Exchange Act of 1934 (DisclosureControls).  Based on that evaluation, such officers concluded that theRegistrants' Disclosure Controls were effective as of the date of that evaluation.

During theRegistrants' fourth fiscal quarter, there were no changes to the Registrants'internal control over financial reporting that have materially affected or arereasonably likely to materially affect the Registrants' internal control overfinancial reporting.

Theattestation report of PricewaterhouseCoopers LLP on management's assessment ofCleco Corporation's internal control over financial reporting and management'sannual report on Cleco Corporation's internal control over financial reporting areincluded in this annual report on pages 57 and 58, respectively.

***Certifications***

Thecertifications of the Registrants' Chief Executive Officer and Chief FinancialOfficer required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed asExhibits 31(a) and 31(b) to this Annual Report on Form 10-K.  Additionally, asrequired by Section 303A.12(a) of the New York Stock Exchange ("NYSE") ListedCompany Manual, Cleco's Chief Executive Officer filed a certification with theNYSE on May 25, 2005, reporting that he was not aware of any violation by Clecoof the NYSE's Corporate Governance listing standards.  

**ITEM 9B.**     OTHER INFORMATION

None.

114

PART III

**ITEM 10.**     DIRECTORS AND EXECUTIVE OFFICERS OFTHE REGISTRANTS

**Audit Committee Financial Expert**

Cleco's board of directors has determined that Mr.W. Larry Westbrook, who serves as the Chairman of the Audit Committee of theBoard of Directors, fulfills the requirements for an independent auditcommittee financial expert for both Cleco Corporation and Cleco Power.

**Financial Manager's Code of Conduct**

Both Cleco Corporation and Cleco Power have a codeof conduct that applies to their principal executive officer, principalfinancial officer, principal accounting officer and treasurer.  This code ofconduct is posted on Cleco's homepage on the Internet's World Wide Web locatedat http://www.cleco.com.  This code of conduct also is available free of chargeby request sent to:  Shareholder Services, Cleco, P.O. Box 5000, Pineville, LA71361-5000.

**CLECO**

The information set forth, (i) under the caption"Proposal Number I - Election of Three Class III Directors" and (ii) under thecaption "Section 16(a) Beneficial Ownership Reporting Compliance" in theCompany's Proxy Statement relating to the Annual Meeting of Shareholders to beheld on April 21, 2006, filed with the SEC pursuant to Regulation 14A under theSecurities Exchange Act of 1934 (2006 Proxy Statement), is incorporated hereinby reference.  See also "Part I - Item 4 - Executive Officers of Cleco."

**CLECO POWER**

The information called for by Item 10 with respectto Cleco Power is omitted pursuant to General Instruction I(2)(c) to Form 10-K(Omission of Information by Certain Wholly Owned Subsidiaries).

**ITEM 11.**     EXECUTIVE COMPENSATION

**CLECO**

The information set forth, (i) under thesubcaptions "Independence and Organization of the Board of Directors" and"Compensation of the Board of Directors" under the caption "Proposal Number I -Election of Three Class III Directors" and (ii) under the caption "ExecutiveCompensation" in the 2006 Proxy Statement (excluding the information requiredby paragraphs (k) and (l) of Item 402 of Regulation S-K) is incorporated hereinby reference.

**CLECO POWER**

The information called for by Item 11 with respectto Cleco Power is omitted pursuant to General Instruction I(2)(c) to Form 10-K(Omission of Information by Certain Wholly Owned Subsidiaries).

115

**ITEM 12.**     SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERMATTERS

**CLECO**

**Security Ownership**

The information set forth, (i) under the caption"Security Ownership of Directors and Management" and (ii) under the caption"Security Ownership of Certain Beneficial Owners" in the 2006 Proxy Statementis incorporated herein by reference.

**Equity Compensation Plan Information**

Cleco has compensation plans under which equitysecurities of Cleco Corporation are authorized for issuance as approved bysecurity holders.  Cleco does not have such plans that have not been approvedby security holders.  The table below provides information about compensationplans under which equity securities of Cleco Corporation were authorized for issuanceat December 31, 2005.

  PLAN CATEGORY

                        NUMBER OF              SECURITIES TO BE      ISSUED UPON EXERCISE                OF OUTSTANDING          OPTIONS, WARRANTS                          OR RIGHTS

           WEIGHTED-AVERAGE            EXERCISE PRICE OF                     OUTSTANDING                            OPTIONS,                         WARRANTS                        AND RIGHTS

                        NUMBER OF      SECURITIES REMAINING     AVAILABLE FOR FUTURE                ISSUANCE UNDER      EQUITY COMPENSATION             PLANS (EXCLUDING     SECURITIES REFLECTED                    IN COLUMN (a))

                                     (a)

                                     (b)

                                     (c)

Equity compensation plans approved by security  holders

     Employee Stock Purchase Plan

                               5,666(1)

                      $     20.443

                          486,828

     Long-term incentive compensation plans

                       1,023,729

                      $     20.013

                       1,968,578 (2)

Total

                       1,029,395

                      $     20.016

                       2,455,406

(1)   The  number of options in column (a) for the Employee Stock Purchase Plan  represents the number of options granted at December 31, 2005, based on  employee withholdings and the option grant calculation under the plan. 

(2)   Stock  options and restricted stock may be issued pursuant to the 2000 LTICP.  This  plan requires the number of securities available to be issued to be reduced  by the number of options and the number of restricted shares previously  awarded, net of forfeitures.  At December 31, 2005, there were 396,797 shares  of restricted stock awarded, net of forfeitures, pursuant to the 2000 LTICP.   New options or restricted stock cannot be issued pursuant to the 1990 LTICP,  which expired in December 1999.  However, stock options issued prior to  December 1999 under the 1990 LTICP remain outstanding until they expire. 

For additional information oncompensation plans using equity securities, see Item 8, "Financial Statementsand Supplementary Data - Notes to the Financial Statements - Note 7 - CommonStock."  This information should be read in conjunction with the ConsolidatedFinancial Statements and related Notes thereto.

**CLECO POWER**

The information called for by Item 12 with respectto Cleco Power is omitted pursuant to General Instruction I(2)(c) to Form 10-K(Omission of Information by Certain Wholly Owned Subsidiaries).

**ITEM 13.**     CERTAIN RELATIONSHIPS AND RELATEDTRANSACTIONS

**CLECO**

The information set forth under the caption"Proposal Number I - Election of Three Class III Directors - Interests of theBoard of Directors" in the 2006 Proxy Statement is incorporated herein byreference.

**CLECO POWER**

The information called for by Item 13 with respectto Cleco Power is omitted pursuant to General Instruction I(2)(c) to Form 10-K(Omission of Information by Certain Wholly Owned Subsidiaries).

116

**ITEM 14. **    PRINCIPALACCOUNTANT FEES AND SERVICES

**CLECO**

The information set forth under "Relationship withAccountants - Principal Accountant Fees and Services" and "- Audit CommitteePre-Approval Policies and Procedures" regarding fees paid to Cleco'sindependent auditors in the 2006 Proxy Statement is incorporated herein by reference.

**CLECO POWER**

PricewaterhouseCoopers LLP provides professionalservices for Cleco Power that are directly billed to Cleco Corporation, thecost of which are allocated to Cleco Power though not billeddirectly to them.  Aggregate fees allocated to Cleco Power forprofessional services rendered for Cleco Power by PricewaterhouseCoopers LLP asof or for the years ended December 31, 2005, and 2004 were as follows:

(THOUSANDS)

**              2005**

               2004

Audit

** $ 2,130**

         $    650

Audit Related

**        104**

                  21

Tax

**        150**

                121

     Total

** $ 2,384**

         $    792

The audit fees for 2005 and 2004 were forprofessional services rendered for the audits of Cleco Power's financial statements;the review of those financial statements included in Cleco Power's quarterlyreports on Form 10-Q; issuance of comfort letters; and assistance with thereview of documents filed with the SEC. The audit fees for 2005 include $0.7million associated with the 2004 audit of Cleco Power's financial statements. 

The audit**related fees billed during 2005and 2004 were for accounting consultations and assurance and other servicesrelated to employee benefit plan audits.

Tax fees billed during 2005 and 2004 were forservices related to tax compliance reviews; tax planning and tax advice,including assistance with and representation in tax audits and appeals; taxservices for employee benefit plans; and requests for rulings or technicaladvice from tax authorities.

Based on thereview and discussions referred to above, the Audit Committee approved theinclusion of Cleco Power's audited financial statements in this Report.

The Audit Committee of Cleco Power's board ofmanagers has a policy requiring its pre-approval of all audit and non-auditservices provided by its independent auditors.  The policy requires the generalpre-approval of annual audit services and specific pre-approval of all otherpermitted services.  In determining whether to pre-approve permitted services,the Audit Committee considers whether such services are consistent with SECrules and regulations.  Furthermore, requests for pre-approval for servicesthat are eligible for general pre-approval must be detailed as to the servicesto be provided.  All of the 2005 and 2004 audit and non-audit services describedabove were pre-approved by the Audit Committee pursuant to applicable rules ofthe SEC.

117

PART IV

**ITEM 15. **    EXHIBITS AND FINANCIAL STATEMENTSCHEDULES

    FORM 10-K

         ANNUAL

         REPORT

Report of Independent Registered Public  Accounting Firm

57

Management's Report on Internal Control Over  Financial Reporting

58

15(a)(1)

Consolidated Statements of Operations for the  years ended December 31, 2005, 2004, and 2003

59

Consolidated Balance Sheets at  December 31, 2005, and 2004

60

Consolidated Statements of Cash Flows for the  years ended December 31, 2005, 2004, and 2003

62

Consolidated Statements of Comprehensive Income  for the years ended December 31, 2005, 2004, and 2003

64

Consolidated Statements of Changes in Common  Shareholders' Equity for the years ended December 31, 2005, 2004, and 2003

64

Report of Independent Registered Public  Accounting Firm

65

Financial Statements of Cleco Power

     Cleco Power Statements of Income for the  years ended December 31, 2005, 2004, and 2003

66

     Cleco Power Balance Sheets at December 31,  2005, and 2004

67

     Cleco Power Statements of Cash Flows for the  years ended December 31, 2005, 2004, and 2003

68

     Cleco Power Statements of Comprehensive  Income for the years ended December 31, 2005, 2004, and 2003

69

     Cleco Power Statements of Changes in  Member's Equity for the years ended December 31, 2005, 2004, and 2003

69

Notes to the Financial Statements

70

15(a)(2)

Financial Statement Schedules

Schedule I - Financial Statements of Cleco  Corporation

     Condensed Statements of Operations for the  years ended December 31, 2005, 2004, and 2003

123

     Condensed Balance Sheets at December 31,  2005 and 2004

124

     Condensed Statements of Cash Flows for the  years ended December 31, 2005, 2004, and 2003

125

     Notes to the Condensed Financial Statements

126

Schedule II - Valuation and Qualifying Accounts

     Cleco Corporation

127

     Cleco Power

127

Financial Statement Schedules other than those  shown in the above index are omitted because they are either not required or  are not applicable or the required information is shown in the Consolidated  Financial Statements and Notes thereto

15(a)(3)

List of Exhibits

119

The Exhibits designated by an asteriskare filed herewith.  The Exhibits not so designated previously have been filedwith the SEC and are incorporated herein by reference.  The Exhibits designatedby two asterisks are management contracts and compensatory plans andarrangements required to be filed as Exhibits to this Report.

118

EXHIBITS

**Cleco**

SEC FILE OR  REGISTRATION  NUMBER

REGISTRATION  STATEMENT OR  REPORT

  EXHIBIT  NUMBER

      2(a)

Plan of Reorganization and Share Exchange Agreement

333-71643-01

S-4(6/30/99)

C

      3(a)(1)

Articles of Incorporation of the Company,  effective July 1, 1999

333-71643-01

S-4(6/30/99)

A

      3(a)(2)

Articles of Amendment to the Amended and Restated  Articles of Incorporation of Cleco setting forth the terms of the $25  Preferred Stock

1-15759

8-K(7/28/00)

1

      3(a)(3) 

Articles of Amendment to the Amended and Restated  Articles of Incorporation to increase amount authorized common stock and to  effect a two-for-one split of the Company's common stock

  1-15759

2001 Proxy  Statement (3/01)

  B-1

      3(b)

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

1-5663

10-Q(11/6/03)

3(a)

      4(a)(1)

Indenture of Mortgage dated as of July 1, 1950,  between Cleco and First National Bank of New Orleans, as Trustee

1-5663

10-K(1997)

4(a)(1)

      4(a)(2)

First Supplemental Indenture dated as of October  1, 1951, to Exhibit 4(a)(1)

1-5663

10-K(1997)

4(a)(2)

      4(a)(3)

Second Supplemental Indenture dated as of June 1,  1952, to Exhibit 4(a)(1)

1-5563

10-K(1997)

4(a)(3)

      4(a)(4)

Third Supplemental Indenture dated as of January  1, 1954, to Exhibit 4(a)(1)

1-5563

10-K(1997)

4(a)(4)

      4(a)(5)

Fourth Supplemental Indenture dated as of  November 1, 1954, to Exhibit 4(a)(1)

1-5563

10-K(1997)

4(a)(5)

      4(a)(6)

Tenth Supplemental Indenture dated as of  September 1, 1965, to Exhibit 4(a)(1)

1-5663

10-K(1986)

4(a)(11)

      4(a)(7)

Eleventh Supplemental Indenture dated as of April  1, 1969, to Exhibit 4(a)(1)

1-5663

10-K(1998)

4(a)(8)

      4(a)(8)

Eighteenth Supplemental Indenture dated as of December  1, 1982, to Exhibit 4(a)(1)

1-5663

10-K(1993)

4(a)(8)

      4(a)(9)

Nineteenth Supplemental Indenture dated as of  January 1, 1983, to Exhibit 4(a)(1)

1-5663

10-K(1993)

4(a)(9)

      4(a)(10)

Indenture between Cleco and Bankers Trust  Company, as Trustee, dated as of October 1, 1988

33-24896

S-3(10/11/88)

4(b)

      4(a)(11)

Twenty-Sixth Supplemental Indenture dated as of  March 15, 1990, to Exhibit 4(a)(1)

1-5663

8-K(3/90)

4(a)(27)

      4(a)(12)

Trust Indenture dated as of December 10, 1999  Between Cleco Evangeline LLC and Bank One Trust Company, N.A. as Trustee  Relating to $218,600,000, 8.82% Senior Secured Bonds due 2019

  1-15759

  10-K(1999)

  4(m)

      4(a)(13)

Senior Indenture, dated as of May 1, 2000,  between Cleco and Bank One, N.A., as trustee

333-33098

S-3/A(5/8/00)

4(a)

      4(a)(14)

Supplemental Indenture No. 1, dated as of May 25,  2000, to Senior Indenture providing for the issuance of Cleco's   8 3⁄4% Senior Notes due 2005

  1-15759

  8-K(5/24/00)

  4.1

      4(a)(15)

Form of Supplemental Indenture No. 2 providing  for the issuance of $100,000,000 principal amount of 7.000% Notes due May 1,  2008

1-15759

10-Q(3/31/03)

4(a)

      4(b)

Agreement Appointing Successor Trustee dated as  of April 1, 1996, by and among Central Louisiana Electric Company, Inc.,  Bankers Trust Company, and The Bank of New York

  333-02895

  S-3(4/26/96)

  4(a)(2)

      4(c)

Agreement Under Regulation S-K Item  601(b)(4)(iii)(A)

333-71643-01

10-Q(9/99)

4(c)

      4(d)

Form of 8 3⁄4% Senior Notes due 2005 (included in  Exhibit 4(f) above)

1-15759

8-K(5/24/00)

4.1

      4(e)

Rights agreement between Cleco and EquiServe  Trust Company, as Right Agent

1-15759

8-K(7/28/00)

1

      4(f)

Perryville Energy Partners, LLC Construction and  Term Loan Agreement dated as of June 7, 2001

1-15759

10-K(2002)

4.I

      4(g)

Form of $100,000,000 7.000% Notes due May 1, 2008  

1-15759

10-Q(3/31/03)

4(b)
**10(a)(1) 1990 Long-Term Incentive Compensation Plan   1-56631990 Proxy   Statement(4/90)  A
 **10(a)(2) 

2000 Long-Term Incentive Compensation Plan

  333-71643-01

2000 Proxy   Statement(3/00)

  A

 **10(a)(3)

2000 Long-Term Incentive Compensation Plan,  Amendment Number 1, Effective as of December 12, 2003

1-15759

10-Q(5/3/05)

10(a)

 **10(a)(4)

2000 Long-Term Incentive Compensation Plan,  Amendment Number 2, Effective as of July 23, 2004

1-15759

10-Q(9/30/04)

10(a)

 **10(a)(5)

2000 Long-Term Incentive Compensation Plan,  Amendment Number 3, Dated as of January 28, 2005

1-15759

10-Q(5/3/05)

10(b)

    *10(a)(6)

2000 Long-Term Incentive Compensation Plan,  Administrative Procedure No. 1

 **10(b)

Annual Incentive Compensation Plan amended and  restated as of January 23, 2003

1-15759

10-K(2003)

10(b)

 **10(c)

Participation Agreement, Annual Incentive Compensation  Plan

1-5663

10-K(1995)

10(c)

    *10(d)(1)

Table of 2006 Base Salaries and Bonuses for Cleco  Corporation Named Executive Officers

    *10(d)(2)

Table of Cycle 13 (2003-2005) LTIP Payouts for  the Named Executive Officers of the Company

    *10(d)(3)

Table of Additional Awards for the Named  Executive Officers of the Company

 **10(e)(1)

Summary of Director Compensation and Benefits

1-15759

8-K(1/28/05)

10.2

 **10(e)(2)

Summary of Director Compensation, Benefits and  Policies

1-15754

8-K(7/28/05)

10.1

 **10(f)(1)

Supplemental Executive Retirement Plan

1-5663

10-K(1992)

10(o)(1)

 **10(f)(2)

First Amendment to Supplemental Executive  Retirement Plan effective July 1, 1999

1-15759

10-K(2003)

10(e)(1)(a)

 **10(f)(3)

Second Amendment to Supplemental Executive Retirement  Plan dated July 28, 2000

1-15759

10-K(2003)

10(e)(1)(b)

 **10(f)(4)

Supplemental Executive Retirement Trust dated December  13, 2000

1-15759

10-K(2003)

10(e)(1)(c)

 **10(f)(5)

Form of Supplemental Executive Retirement Plan  Participation Agreement between the Company and the following officers:  David  M. Eppler and Catherine C. Powell

  1-5663

  10-K(1992)

  10(o)(2)

 **10(f)(6)

Supplemental Executive Retirement Plan  Participation Agreement between Cleco and Dilek Samil

1-15759

10-K(2002)

10(z)(1)

 **10(f)(7)

Supplemental Executive Retirement Plan  Participation Agreement between Cleco and Samuel H. Charlton, III

1-15759

10-K(2002)

10(z)(2)

 **10(f)(8)

Supplemental Executive Retirement Plan  Participation Agreement between Cleco and Michael H. Madison

1-15759

10-K(2004)

10(v)(3)

 **10(f)(9)

Supplemental Executive Retirement Plan  Participation Agreement between Cleco and R. O'Neal Chadwick, Jr.

1-15759

10-K(2004)

10(v)(4)

 **10(f)(10)

Supplemental Executive Retirement Plan  Participation Agreement between Cleco and David M. Eppler

1-15759

10-K(2004)

10(v)(5)

 **10(g)(1)

Executive Employment Agreement between Cleco and  Dilek Samil

1-15759

10-K(2002)

10(AA)(1)

 **10(g)(2)

Amendment to Executive Employment Agreement  between Cleco Corporation and Dilek Samil dated September 26, 2003

1-15759

10-K(2003)

10(AA)(1)(a)

 **10(g)(3)

Amended and Restated Executive Employment  Agreement between Cleco Corporation and David Eppler dated January 1, 2002

1-15759

10-K(2003)

10(AA)(2)

 **10(g)(4)

Executive Employment Agreement between Cleco  Corporation and Sam Charlton dated August 28, 2002

1-15759

10-K(2003)

10(AA)(3)

119

**Cleco**

SEC FILE OR  REGISTRATION  NUMBER

REGISTRATION  STATEMENT OR  REPORT

  EXHIBIT  NUMBER

 **10(g)(5)

Executive Employment Agreement between Cleco  Corporation and Neal Chadwick dated October 25, 2002

1-15759

10-K(2003)

10(AA)(4)

 **10(g)(6)

Executive Employment Agreement between Cleco  Corporation and Michael H. Madison dated October 1, 2003

1-15759

10-K(2004)

10(AA)(4)(a)

 **10(g)(7)

Amended and Restated Executive Employment  Agreement between Cleco Corporation and Cathy Powell dated January 1, 2002

1-15759

10-K(2003)

10(AA)(5)

    *10(g)(8)

Letter Agreement with Samuel H. Charlton, III,  dated February 21, 2001

 **10(h)

Form of Executive Severance Agreement between  Cleco and the following officers:  David M. Eppler and Catherine C. Powell

1-5663

10-K(1995)

10(f)

      10(i)

Term Loan Agreement dated as of April 2, 1991,  among the 401(k) Savings and Investment Plan ESOP Trust, Cleco, as Guarantor,  the Banks listed therein and The Bank of New York, as Agent

  1-5663

  10-Q(3/91)

  4(b)

      10(j)

Reimbursement Agreement (The Industrial  Development Board of the Parish of Rapides, Inc. (Louisiana) Adjustable  Tender Pollution Control Revenue Refunding Bonds, Series 1991) dated as of  October 15, 1997, among the Company, various financial institutions, and  Westdeutsche Landesbank Gironzentrale, New York Branch, as Agent

  1-5663

  10-K(1997)

  10(i)

      10(k)(1)

Assignment and Assumption Agreement, effective as  of May 6, 1991, between The Bank of New York and the Canadian Imperial Bank  of Commerce, relating to Exhibit 10(h)(1)

  1-5663

  10-Q(3/91)

  4(c)

      10(k)(2)

Assignment and Assumption Agreement dated as of  July 3, 1991, between The Bank of New York and Rapides Bank and Trust Company  in Alexandria, relating to Exhibit 10(h)(1)

  1-5663

  10-K(1991)

  10(y)(3)

      10(k)(3)

Assignment and Assumption Agreement dated as of  July 6, 1992, among The Bank of New York, CIBC, Inc. and Rapides Bank and  Trust Company in Alexandria, as Assignors, the 401(k) Savings and Investment  Plan ESOP Trust, as Borrower, and Cleco, as Guarantor, relating to Exhibit  10(h)(1)

  1-5663

  10-K(1992)

  10(bb)(4)

      10(l)(1)

401(k) Savings and Investment Plan ESOP Trust  Agreement dated as of August 1, 1997, between UMB Bank, N.A. and Cleco

1-5663

10-K(1997)

10(m)

      10(l)(2)

First Amendment to 401(k) Savings and Investment  Plan ESOP Trust Agreement dated as of October 1, 1997, between UMB Bank, N.A.  and Cleco

  1-5663

  10-K(1997)

  10(m)(1)

      10(m)(1)

Form of Notice and Acceptance of Grant of  Nonqualified Stock Options, with fixed option price under Cleco's 1990  Long-term Incentive Compensation Plan

  333-71643-01

  10-Q(9/99)

  10(a)

      10(m)(2)

Form of Notice and Acceptance of Grant of  Nonqualified Stock Options, with variable option prices

333-71643-01

10-Q(9/99)

10(b)

      10(m)(3)

Form of Notice and Acceptance of Directors' Grant  of Nonqualified Stock Options under Cleco's 2000 Long-Term Incentive Compensation  Plan

  1-15759

  10-Q(6/00)

  10(a)

      10(m)(4)

Form of Notice and Acceptance of Grant of  Nonqualified Stock Options, with fixed option price under Cleco's 2000  Long-Term Incentive Compensation Plan

  1-15759

  10-Q(6/00)

  10(c)

      10(m)(5)

Form of Notice and Acceptance of Grant of  Nonqualified Stock Options, with variable option price under Cleco's 2000  Long-Term Incentive Compensation Plan

  1-15759

  10-Q(6/00)

  10(d)

 **10(m)(6)

Formal Notice and Acceptance of Director's Grant  of Nonqualified Stock Option

1-5663

10-Q(9/01)

10

      10(n)(1)

Form of Notice and Acceptance of Grant of  Restricted Stock under Cleco's 2000 Long-Term Incentive Compensation Plan

1-15759

10-Q(6/00)

10(b)

      10(n)(2)

Notice and Acceptance of Grant of Restricted  Stock and Allocation of Opportunity Shares

1-15759

10-Q(11/2/05)

10(c)

    *10(n)(3)

Notice and Acceptance of Grant of Restricted  Stock, Common Stock Equivalent Units and Allocation of Opportunity Shares and  Opportunity Common Stock Equivalents

      10(o)(1)

Cleco Corporation Employee Stock Purchase Plan

333-44364

S-8(8/23/00)

4.3

      10(o)(2)

Employee Stock Purchase Plan, Amendment No. 1,  dated January 22, 2004

1-15759

10-K(2003)

10(s)(1)

      10(o)(3)

Employee Stock Purchase Plan, Amendment No. 2,  effective as of January 1, 2006

1-15759

10-Q(8/2/05)

10(a)

 **10(p)(1)

Cleco Corporation Deferred Compensation Plan

333-59696

S-8(4/27/01)

4.3

      10(p)(2)

Deferred Compensation Trust dated January 2001

1-15759

10-K(2003)

10(u)

      10(q)

Credit Agreement dated as of April 25, 2005 among  Cleco Corporation, the Bank of New York, as Administrative Agent, and the  lenders and other parties thereto

1-15759

8-K(4/29/05)

10.1

      10(r)(1)

Acadia Power Partners - Second amended and  restated limited liability company agreement dated May 9, 2003

1-15759

10-Q(6/30/03)

10(c)

      10(r)(2)

Acadia Power Partners, LLC - First Amendment to  Second Amended and Restated Limited Liability Company Agreement dated August  9, 2005

1-15759

10-Q(11/2/05)

10(a)

      10(s)(1)

Purchase and Sale Agreement by and between  Perryville Energy Partners, L.L.C. and Entergy Louisiana, Inc. dated January  28, 2004

1-15759

10-K(2003)

10(AC)

      10(s)(2)

Purchase and Sale Agreement by and between  Perryville Energy Partners, L.L.C. and Entergy Louisiana, Inc. dated October  21, 2004

1-15759

10-K(2004)

10(AD)

      10(t)

Settlement Agreement dated May 26, 2005 by and  among Mirant Corporation, Mirant Americas Energy Marketing, LP, Mirant  Americas, Inc., Perryville Energy Partners, L.L.C. and Perryville Energy  Holdings LLC

1-15759

8-K(6/1/05)

99.1

    *12(a)

Computation of Ratios of Earnings (loss) to Fixed  Charges and of Earnings (loss) to Combined Fixed Charges and Preferred Stock  Dividends

    *21

Subsidiaries of the Registrant

    *23(a)

Consent of Independent Registered Public  Accounting Firm

    *24(a)

Power of Attorney from each Director of Cleco  whose signature is affixed to this Form 10-K for the year ended December 31,  2005

    *31(a)

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

    *32(a)

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

      99(a)

Perryville  Energy Partners, L.L.C. and Perryville Energy Holdings LLC - Debtors' First  Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code  effective October 11, 2005

1-15759

10-Q(11/2/05)

99(a)

120

**Cleco Power**

SEC FILE OR  REGISTRATION  NUMBER

REGISTRATION  STATEMENT OR  REPORT

  EXHIBIT  NUMBER

      2(a)

Joint Agreement of Merger of Cleco Utility Group  Inc. with and into Cleco Power LLC, dated December 15, 2000

333-52540

S-3/A(1/26/01)

2

      3(a)

Articles of Organization and Initial Report of  Cleco Power LLC, dated December 11, 2000

533-52540

S-3/A(1/26/01)

3(a)

      3(b)

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

1-5663

10-Q(11/6/03)

3(b)

      4(a)(1)

Indenture of Mortgage dated as of July 1,  1950, between the Company and First National Bank of New Orleans, as Trustee

1-5663

10-K(1997)

4(a)(1)

      4(a)(2)

First Supplemental Indenture dated as of  October 1, 1951, to Exhibit 4(a)(1)

1-5663

10-K(1997)

4(a)(2)

      4(a)(3)

Second Supplemental Indenture dated as of  June 1, 1952, to Exhibit 4(a)(1)

1-5663

10-K(1997)

4(a)(3)

      4(a)(4)

Third Supplemental Indenture dated as of  January 1, 1954, to Exhibit 4(a)(1)

1-5663

10-K(1997)

4(a)(4)

      4(a)(5)

Fourth Supplemental Indenture dated as of  November 1, 1954, to Exhibit 4(a)(1)

1-5663

10-K(1997)

4(a)(5)

      4(a)(6)

Tenth Supplemental Indenture dated as of  September 1, 1965, to Exhibit 4(a)(1)

1-5663

10-K(1986)

4(a)(11)

      4(a)(7)

Eleventh Supplemental Indenture dated as of  April 1, 1969, to Exhibit 4(a)(1)

1-5663

10-K(1998)

4(a)(8)

      4(a)(8)

Eighteenth Supplemental Indenture dated as of  December 1, 1982, to Exhibit 4(a)(1)

1-5663

10-K(1993)

4(a)(8)

      4(a)(9)

Nineteenth Supplemental Indenture dated as of  January 1, 1983, to Exhibit 4(a)(1)

1-5663

10-K(1993)

4(a)(9)

      4(a)(10)

Indenture between the Company and Bankers Trust  Company, as Trustee, dated as of October 1, 1988

33-24896

S-3(10/11/88)

4(b)

      4(a)(11)

Twenty-Sixth Supplemental Indenture dated as of  March 15, 1990, to Exhibit 4(a)(1)

1-5663

8-K(3/90)

4(a)(27)

      4(a)(12)

First Supplemental Indenture, dated as of  December 1, 2000, between Cleco Utility Group Inc. and the Bank of New York

333-52540

S-3/A(1/26/01)

4(a)(2)

      4(a)(13)

Second Supplemental Indenture, dated as of  January 1, 2001, between Cleco Power LLC and The Bank of New York

333-52540

S-3/A(1/26/01)

4(a)(3)

      4(a)(14)

Third Supplemental Indenture, dated as of April  26, 2001, between Cleco Power LLC and the Bank of New York

1-5663

8-K(4/01)

4(a)

      4(a)(15)

Fourth Supplemental Indenture, dated as of  February 1, 2002, between Cleco Power LLC and the Bank of New York

1-5663

8-K(2/02)

4.1

      4(a)(16)

Fifth Supplemental Indenture, dated as of May 1,  2002, between Cleco Power LLC and the Bank of New York

1-5663

8-K(5/8/02)

4.1

      4(a)(17)

Form of Sixth Supplemental Indenture providing  for the issuance of $75,000,000 principal amount of 5.375% Notes due May 1,  2013

333-71643-01

10-Q(3/31/03)

4(a)

      4(a)(18)

Form of Seventh Supplemental Indenture, dated as  of July 6, 2005, between Cleco Power LLC and the Bank of New York Trust  Company, N.A.

1-5663

8-K(7/6/05)

4.1

      4(a)(19)

Form of Eighth Supplemental Indenture, dated as  of November 30, 2005, between Cleco Power LLC and the Bank of New York Trust  Company, N.A.

1-5663

8-K(11/28/05)

4.1

      4(b)

Agreement Appointing Successor Trustee dated as of  April 1, 1996, by and among Central Louisiana Electric Company, Inc.,  Bankers Trust Company, and The Bank of New York

  333-02895

  S-3(4/26/96)

  4(a)(2)

      4(c)

Agreement Under Regulation S‐K Item  601(b)(4)(iii)(A)

333-71643-01

10-Q(9/99)

4(c)

      4(d)

Form of $75,000,000 5.375% Notes due May 1, 2013

333-71643-01

10-Q(3/31/03)

4(b)

 **10(a)

Deferred Compensation Plan for Directors

1-5663

10-K(1992)

10(n)

 **10(b)(1)

Supplemental Executive Retirement Plan

1-5663

10-K(1992)

10(o)(1)

 **10(b)(2)

Form of Supplemental Executive Retirement Plan  Participation Agreement between Cleco and the following officers:  Gregory L. Nesbitt, David M. Eppler, Catherine C. Powell and  Mark H. Segura 

  1-5663

  10-K(1992)

  10(o)(2)

 **10(c)

Form of Executive Severance Agreement between  Cleco and the following officers:  David M. Eppler, Catherine C.  Powell and Mark H. Segura

1-5663

10-K(1995)

10(f)

      10(d)

Term Loan Agreement dated as of April 2,  1991, among the 401(k) Savings and Investment Plan ESOP Trust, the Company,  as Guarantor, the Banks listed therein and The Bank of New York, as Agent

  1-5663

  10-Q(3/91)

  4(b)

      10(e)

Reimbursement Agreement (The Industrial  Development Board of the Parish of Rapides, Inc. (Louisiana) Adjustable  Tender Pollution Control Revenue Refunding Bonds, Series 1991) dated as of  October 15, 1997, among the Company, various financial institutions, and  Westdeutsche Landesbank Gironzentrale, New York Branch, as Agent

  1-5663

  10-K(1997)

  10(I)

      10(f)(1)

Assignment and Assumption Agreement, effective as  of May 6, 1991, between The Bank of New York and the Canadian Imperial  Bank of Commerce, relating to Exhibit 10(f)(1)

  1-5663

  10-Q(3/91)

  4(c)

      10(f)(2)

Assignment and Assumption Agreement dated as of  July 3, 1991, between The Bank of New York and Rapides Bank and Trust  Company in Alexandria, relating to Exhibit 10(f)(1)

  1-5663

  10-K(1991)

  10(y)(3)

      10(f)(3)

Assignment and Assumption Agreement dated as of  July 6, 1992, between The Bank of New York, CIBC, Inc. and Rapides Bank  and Trust Company in Alexandria, as Assignors, the 401(k) Savings and  Investment Plan ESOP Trust, as Borrower, and the Company, as Guarantor,  relating to Exhibit 10(f)(1)

  1-5663

  10-K(1992)

  10(bb)(4)

      10(g)

Selling Agency Agreement between the Company and  Salomon Brothers Inc., Merrill Lynch & Co., Smith Barney Inc. and First  Chicago Capital Markets, Inc. dated as of December 12, 1996

  333-02895

  S-3(12/10/96)

  1

      10(h)(1)

401(k) Savings and Investment Plan ESOP Trust  Agreement dated as of August 1, 1997, between UMB Bank, N.A. and the  Company

1-5663

10-K(1997)

10(m)

      10(h)(2)

First Amendment to 401(k) Savings and Investment  Plan ESOP Trust Agreement dated as of October 1, 1997, between UMB Bank,  N.A. and the Company

  1-5663

  10-K(1997)

  10(m)(1)

      10(h)(3)

401(k) Savings and Investment Plan as amended and  restated effective January 1, 2004

1-5663

10-Q(3/31/04)

10(a)

      10(h)(4)

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

1-5663

10-Q(6/30/04)

10(b)

      10(h)(5)

401(k) Savings and Investment Plan, Stock Trust  Agreement, Amendment Number 3, Effective October 1, 2005

1-5663

10-Q(11/2/05)

10(e)

      10(h)(6)

401(k) Savings and Investment Plan, First  Amendment, effective as of June 1, 2005

1-5663

10-Q(8/2/05)

10(b)

      10(h)(7)

401(k) Savings and Investment Plan, Amended and  Restated, effective October 1, 2005

333-127496

S-8(8/12/05)

10.8

      10(i)

Credit Agreement dated as of April 25, 2005 among  Cleco Power LLC, The Bank of New York, as Administrative Agent, and the  lenders and other parties thereto

1-5663

8-K(4/29/05)

10.2

121

**Cleco Power**

SEC FILE OR  REGISTRATION  NUMBER

REGISTRATION  STATEMENT OR  REPORT

  EXHIBIT  NUMBER

    *12(b)

Computation of Ratios of Earnings to Fixed  Charges

    *24(b)

Power of Attorney from each Manager of Cleco Power  whose signature is affixed to this Form 10-K for the year ended December 31,  2005

    *31(b)

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

    *32(b)

CEO  Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002  CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
****
122
CLECO    CORPORATION (Parent Company Only)    SCHEDULE I
Condensed Statements of Operations

                                                  FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                     2005**

** **

                      2004

                      2003

**Operating expenses**

   

     Administrative and general

** $      1,171**

   $              2,124

   $              3,666

     Other operating expense

**             715**

                   1,246

                   1,258

Total operating expenses

** $      1,886**

   $              3,370

   $              4,924

Operating loss

**         (1,886)**

                  (3,370)

                  (4,924)

Equity income (loss) of subsidiaries, net of tax

**      181,187**

                 71,052

               (29,714)

Interest income

**        16,754**

                 13,900

                 14,116

Interest charges

**       (12,726)**

               (18,172)

               (17,345)

Income (loss) before income taxes

**      183,329**

                 63,410

               (37,867)

Income tax (expense) benefit

**            (685)**

                   2,779

                   2,938

Net income (loss)****

**      182,644**

                 66,189

                (34,929)

Preferred dividends requirements, net

**          1,865**

                   2,216

                   1,861

Income (loss) applicable to common stock

** $  180,779**

   $            63,973

   $          (36,790)

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

123
CLECO    CORPORATION (Parent Company Only)    SCHEDULE I
Condensed Balance Sheets

**                    **       AT DECEMBER 31,

(THOUSANDS)

**2005**

** **

2004

**Assets**

     Current assets

   

          Cash and cash equivalents

**$         35,737**

   $                69,589

          Accounts receivable - affiliate

**209,605**

                   204,189

          Other accounts receivable

**1,321**

112

          Taxes receivable

**                       -**

5,291

          Cash surrender value of life insurance  policies

**17,808**

                     14,120

               Total currents assets

**264,471**

                   293,301

     Investment in subsidiaries

**578,064**

                   490,896

     Deferred charges

**5,917**

4,603

**      Total assets**

**$       848,452**

   $              788,800

**Liabilities and shareholders' equity**

**Liabilities**

     Current liabilities

          Long-term due within one year

** $                   -**

   $              100,000

          Accounts payable - affiliate

**17,047**

                     20,902

          Other current liabilities

**25,098**

6,786

               Total current liabilities

**42,145**

                   127,688

     Long-term debt, net

**100,000**

                   100,000

     Deferred credits

**                    44**

48

          Total liabilities

**142,189**

                   227,736

**Shareholders' equity**

          Preferred stock

          Not subject to mandatory redemption,  $100 par value, authorized 1,491,900 shares, issued 218,170 and 234,160 shares  at December 31, 2005 and 2004, respectively

**            21,817**

                     23,416

          Deferred compensation related to  preferred stock held by ESOP

**(1,783)**

(4,190)

               Total preferred stock not subject  to mandatory redemption

**            20,034**

                     19,226

     Common shareholders' equity

          Common stock, $1 par value, authorized  100,000,000 shares, issued 50,030,035 and 49,667,861 shares at December 31,  2005 and 2004, respectively

**            50,030**

                     49,668

          Premium on common stock

**202,416**

                   194,055

          Retained earnings

**443,912**

                   308,003

          Unearned compensation

**(5,285)**

(5,733)

          Treasury stock, at cost 36,644 and 44,275  shares at December 31, 2005 and 2004, respectively

**(714)**

(887)

          Accumulated other comprehensive loss

**(4,130)**

(3,268)

               Total common shareholders' equity

**686,229**

                   541,838

                   Total shareholders' equity

**706,263**

                   561,064

**Total liabilities and shareholders' equity**

** $      848,452**

   $              788,800

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

124
CLECO    CORPORATION (Parent Company Only)    SCHEDULE I
Condensed Statements of Cash Flows

**                                                 **FOR  THE YEAR ENDED DECEMBER 31,

(THOUSANDS)

**                    2005**

** **

                      2004

                      2003

**Operating activities**

** **

Net cash provided by operating activities

** $  184,384**

   $            72,592

   $            23,603

**Investing activities**

     Notes receivable from subsidiaries

**        (5,188)**

                 43,049

                 40,358

     Investment in subsidiaries

**      (75,000)**

               (17,915)

               (58,771)

     Return of equity investment in investee

**         9,631**

                 16,698

                 41,232

     Investment in cost method investments

**        (1,385)**

                  (5,485)

                            -

     Other investing

**        (3,066)**

                  (6,294)

                  (2,411)

Net cash (used in) provided by investing  activities

**      (75,008)**

                 30,053

                 20,408

**Financing activities**

     Sale of common stock

**                 -**

                 35,705

                            -

     Change in short-term debt, net

**                 -**

               (50,000)

             (121,550)

     Issuance of long-term debt

**                 -**

                            -

              100,000

     Retirement of long-term obligations

**    (100,000)**

                            -

                     (202)

     Dividends paid on preferred stock

**        (1,915)**

                  (2,350)

                  (1,861)

     Dividends paid on common stock

**      (44,870)**

               (42,767)

               (42,486)

     Other financing

**         3,557**

                   2,136

                   1,337

Net cash (used in) provided by financing  activities

**    (143,228)**

               (57,276)

               (64,762)

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

**      (33,852)**

                 45,369

               (20,751)

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

**       69,589**

                 24,220

                 44,971

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

** $    35,737**

   $            69,589

   $            24,220

**Supplementary noncash financing activity**

Issuance of treasury stock - LTICP and ESOP plans

** $         173**

   $              1,492

   $              2,734

Issuance of common stock - LTICP/ESOP/ESPP

** $      2,820**

   $              4,784

   $                     -

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

125

Cleco Corporation (Parent Company Only) Notesto the Condensed Financial Statements

**Note1 - Summary of Significant Accounting Policies**

The condensed financial statements represent thefinancial information required by SEC Regulation S-X 5-04 for Cleco Corporationwhich requires the inclusion of parent company only financial statements if therestricted net assets of consolidated subsidiaries exceed 25% of total consolidatednet assets as of the last day of its most recent fiscal year.  As of December31, 2005, Cleco Corporation's restricted net assets of consolidatedsubsidiaries were $297.0 million and exceeded 25% of its total consolidated netassets.

Cleco Corporation's major, first-tiersubsidiaries consist of Cleco Power and Midstream.

Cleco Power contains the LPSC-jurisdictionalgeneration, transmission, and distribution electric utility operations servingCleco's traditional retail and wholesale customers.  Midstream owns andoperates merchant generation stations, invests in joint ventures that own andoperate merchant generation stations, and owns and operates transmissioninterconnection facilities.

The accompanying financial statements have beenprepared to present the financial position, results of operations, and cashflows of Cleco Corporation on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are stated at cost plus equityin undistributed earnings from the date of acquisition.  These financialstatements should be read in conjunction with Cleco's consolidated financialstatements. 

Certain reclassifications have been made to the2004 financial statements to conform them to the presentation used in the 2005financial statements.  These reclassifications had no effect on ClecoCorporation Parent Company Only net income applicable to common stock or totalcommon shareholders' equity.  In these notes, "Cleco" refers to ClecoCorporation and its subsidiaries.

**Note 2 - Debt**

Cleco Corporation had no short-term debtoutstanding at December 31, 2005, or December 31, 2004.  On June 1, 2005, ClecoCorporation repaid $100.0 million of long-term debt due within one yearrelating to its 8.75% Senior Notes, due June 1, 2005, with cash on hand.  

On April 25, 2005, Cleco Corporation replacedits then existing $150.0 million, three-year credit facility with a $150.0 million,five-year facility.  This facility provides for working capital and otherneeds.  Cleco Corporation's borrowing costs under this facility are equal toLIBOR plus 0.875%.  Cleco Corporation's borrowing costs under the prior facilitywere equal to LIBOR plus 1.50%, and the weighted average cost of borrowings was3.795%.  At December 31, 2005, off-balance sheet commitments reduced availableborrowings by an additional $23.6 million, leaving available capacity of $126.4million.  On May 10, 2005, Cleco renewed an uncommitted line of credit.  Theline of credit was increased from $5.0 million to $10.0 million and isavailable to support Cleco's working capital needs.  This line of credit isavailable to either Cleco Corporation or Cleco Power.

Total indebtedness was as follows:

                   FOR THE YEAR ENDED                               DECEMBER  31,

(THOUSANDS)

   **             2005**

               2004

Senior notes, 8.75% due 2005

** $                 -**

   $  100,000

Senior notes, 7.00% due 2008

** 100,000**

       100,000

     Gross amount of long-term debt

** 100,000**

       200,000

Less amount due in one year

**              -**

       100,000

     Total long-term debt, net

** $  100,000**

   $  100,000

The amounts payable under long-term debtagreements for each year through 2010 and thereafter are listed below:

(THOUSANDS)

          2006

          2007

         2008

          2009

         2010

   THEREAFTER

Amounts payable under long-term debt agreements

   $          -

      $       -

$100,000

   $          -

      $       -

      $           -

**Note 3 - Dividends Received**

Cleco Corporation received $52.9 million, $44.7million, and $44.4 million in cash dividends from Cleco Power during the years2005, 2004, and 2003, respectively.  Some provisions in Cleco Power's debtinstruments restrict the amount of equity available for distribution to ClecoCorporation by Cleco Power under specified circumstances.  The most restrictivecovenant requires Cleco Power's total indebtedness to be less than or equal to65% of total capitalization.  At December 31, 2005, approximately $237.2million of member's equity were unrestricted.

Cleco Corporation received $106.0 million, $27.7million, and $20.5 million in cash dividends from Midstream during the yearsended 2005, 2004, and 2003, respectively.

**Note 4 - Income Taxes**

In addition to the income tax expense (benefit) of$0.7 million, ($2.8) million, and ($2.9) million reflected in Cleco Corporation(Parent Company Only) Condensed Statements of Operations, income tax expense(benefit) of $115.3 million, $38.6 million, and ($18.5) million is reflected inequity income of subsidiaries, net of tax for the years ending 2005, 2004, and2003, respectively.

126
CLECO    CORPORATION     SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTSYears ended December 31, 2005, 2004 and 2003

BALANCE OF
                   ADDITIONS

UNCOLLECTIBLE
BALANCE AT
           BEGINNING

CHARGED TO COSTS
ACCOUNT WRITE-OFFS
END OF
ALLOWANCE  FOR UNCOLLECTIBLE ACCOUNTS (THOUSANDS)

           OF PERIOD

AND EXPENSES
LESS RECOVERIES
               PERIOD(1)

**Year Ended December 31, 2005**

**     $           506**

**         $         3,202**

**                $      2,446**

**     $        1,262**

Year Ended December 31, 2004 

     $    1,407(2)

             $         1,610

                        $      2,511

       $           506

Year Ended December 31, 2003

        $        1,071

             $       17,407

                        $      1,324

       $  17,154(3)

(1)  Deducted  in the balance sheet

(2)  Adjustment  due to deconsolidation of Perryville of $15,747

(3)  At  December 31, 2003, customer and other allowance for uncollectible accounts  were $16,502 and $652, respectively

 
CLECO    POWER LLC    SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTSYears ended December 31, 2005, 2004 and 2003

BALANCE OF
  ADDITIONS

UNCOLLECTIBLE
BALANCE AT
BEGINNING
CHARGED TO COSTS
ACCOUNT WRITE-OFFS
END OF
ALLOWANCE  FOR UNCOLLECTIBLE ACCOUNTS (THOUSANDS)

OF PERIOD
AND EXPENSES
LESS RECOVERIES
 PERIOD(1)

**Year Ended December 31, 2005**

**     $         506**

**         $         3,202**

**                $      2,446**

**     $     1,262**

Year Ended December 31, 2004 

        $         755

             $         1,610

                        $      1,859

       $        506

Year Ended December 31, 2003

        $         846

             $         1,614

                        $      1,705

       $        755

(1)  Deducted  in the balance sheet

127

Signatures

Pursuantto the requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the Registrant has duly caused this Report to be signed on its behalf bythe undersigned, thereunto duly authorized.

CLECO CORPORATION

(Registrant) 

By::  

/s/  Michael H. Madison

(Michael H. Madison)

(President, Chief Executive Officer and  Director)

Date:  February28, 2006

Pursuantto the requirements of the Securities Exchange Act of 1934, this Report hasbeen signed below by the following persons on behalf of the Registrant and inthe capacities and on the dates indicated.

Signature

Title

Date
 
/s/  Michael H. Madison

President, Chief Executive Officer and Director

February 28, 2006

(Michael H. Madison)

(Principal Executive Officer)

  /s/  Kathleen F. Nolen

  Senior Vice President and Chief Financial  Officer

  February 28, 2006

(Kathleen F. Nolen) 

(Principal Financial Officer)

/s/  R. Russell Davis

Vice President and Chief Accounting Officer

February 28, 2006

(R. Russell Davis)

(Principal Accounting Officer)

 

DIRECTORS*

SHERIAN G.  CADORIA

RICHARD B.  CROWELL

J. PATRICK  GARRETT

F. BEN JAMES,  JR.

ELTON R. KING

MICHAEL H.  MADISON

WILLIAM L.  MARKS

RAY B.  NESBITT

ROBERT T.  RATCLIFF, SR.

WILLIAM H.  WALKER, JR.

W. LARRY  WESTBROOK

 

  *By:

  /s/  Michael H. Madison
 
  February 28, 2006

(Michael H. Madison, as Attorney-in-Fact)

    

128

Signatures

Pursuantto the requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the Registrant has duly caused this Report to be signed on its behalf bythe undersigned, thereunto duly authorized.

CLECO POWER LLC

(Registrant) 

By::  

/s/  Michael H. Madison

(Michael H. Madison)

(Chief Executive Officer and Manager)

Date:  February28, 2006

Pursuantto the requirements of the Securities Exchange Act of 1934, this Report hasbeen signed below by the following persons on behalf of the Registrant and inthe capacities and on the dates indicated.

Signature

Title

Date
 
/s/  Michael H. Madison

Chief Executive Officer and Manager

February 28, 2006

(Michael H. Madison) 

(Principal Executive Officer)

/s/  Kathleen F. Nolen

Senior Vice President and Chief Financial  Officer

February 28, 2006

(Kathleen F. Nolen) 

(Principal Financial Officer)

/s/  R. Russell Davis

Vice President and Chief Accounting Officer

February 28, 2006

(R. Russell Davis)

(Principal Accounting Officer)

 

 MANAGERS*

SHERIAN G.  CADORIA

RICHARD B.  CROWELL

J. PATRICK  GARRETT

F. BEN JAMES,  JR.

ELTON R. KING

MICHAEL H.  MADISON

WILLIAM L.  MARKS

RAY B.  NESBITT

ROBERT T.  RATCLIFF, SR.

WILLIAM H.  WALKER, JR.

W. LARRY  WESTBROOK

  *By:

  /s/  Michael H. Madison
 
  February 28, 2006

(Michael H. Madison, as Attorney-in-Fact)

129 |
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