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
Transfer of Evangeline Tolling Agreement to Bear Energy Complete
| Source: Cleco Corp.
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.