SOURCE: Cleco Corp.

November 09, 2007 12:49 ET

Transfer of Evangeline Tolling Agreement to Bear Energy Complete

PINEVILLE, LA--(Marketwire - November 9, 2007) - Cleco Midstream Resources, a subsidiary of Cleco Corp. (NYSE: CNL), announced today that Williams Companies Inc. (Williams) completed the assignment of its interest in the tolling agreement with Cleco's Evangeline plant to Bear Energy LP, a subsidiary of Bear Stearns Companies Inc.

Williams agreed to sell substantially all of its power assets, including its tolling agreement with Evangeline to Bear Energy in May of 2007. The terms of the tolling agreement, set to expire in 2020, will remain unchanged.

"We are pleased to have Bear Energy as our new counterparty," Darren Olagues, senior vice president of Cleco Midstream Resources, said. "With Bear Stearns Companies' favorable credit rating, we look forward to the improvement in Evangeline's credit strength as a result of the transaction."

Evangeline is Cleco Midstream Resources' 775-megawatt, natural gas-fired power plant located in St. Landry, La.

Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company that serves 268,000 customers across Louisiana. Cleco also operates a wholesale energy business with approximately 1,350 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.

Contact Information

  • Investor Contacts:
    Cleco Corporation:
    Ryan Gunter
    (318) 484-7724
    Shareholder Services:
    Rodney Hamilton
    (318) 484-7593

    Analyst Inquiries:
    Dresner Companies
    Kristine Walczak
    (312) 780-7205

    Media Contact:
    Cleco Corporation
    Fran Phoenix
    (318) 484-7467