CLECO Corp and the investor group that agreed to buy CNL offer additional commitments aimed at addressing issues raised by the Louisiana Public Service Commission
In response to the LPSC's feedback, the investor group and Cleco have enhanced and added to the package of 77 commitments for the transaction. The commitments include:
- ~$100 million of immediate rate relief, which provides rate credits of $370 on average to every Cleco residential and small business customer. These credits replace the previous $125 million of rate credits over 15 years.
- A $15 million contribution to Louisiana's economic development efforts to be administered by state economic development agencies in Cleco's service territory. * Extended commitment from five to 10 years for Cleco employee headcount, salaries and benefits and retiree benefits.
- The investor group will provide for investment by Louisiana governmental pension plans in up to 10 percent of Cleco's equity.