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| CNL > SEC Filings for CNL > Form 8-K on 8-Feb-2013 | All Recent SEC Filings |
8-Feb-2013
Other Events
On February 6, 2013, Cleco Power LLC ("Cleco Power"), a wholly owned subsidiary of Cleco Corporation, received notification from the Federal Energy Regulatory Commission ("FERC") of its approval of the settlement agreement filed on December 21, 2012 as previously disclosed in Cleco Power's Form 8-K filed with the Securities and Exchange Commission on December 28, 2012. FERC found the settlement agreement to be fair, reasonable, and in the public interest. The settlement agreement allows the adoption of a formula rate methodology for transmission delivery and ancillary services provided by Cleco Power under the Open Access Transmission Tariff ("OATT") and the existing bilateral Electric System Interconnection Agreements that preceded the OATT. The new formula rates also permit recovery of Cleco Power's FERC-jurisdictional investments in transmission and other assets placed in service since the existing rates were established. The settlement agreement allows for a return on equity of 10.5%, with an equity ratio of 53%. In accordance with the settlement agreement, Cleco Power shall discount the charges produced by the formula rate by 10% until the earlier of December 31, 2014 or the date upon which Cleco Power commences operations under the Midwest Independent Transmission System Operator Tariff. Per FERC regulation, Cleco Power implemented new rates on November 1, 2012, subject to refund. The settlement documents filed by Cleco Power are available through the FERC's "eLibrary" under Docket Nos. ER12-1378-000 and ER12-1379-000 at the following internet address: http://www.ferc.gov/docs-filing/elibrary.asp. This Current Report contains forward-looking statements about future results and circumstances. There are many risks and uncertainties with respect to such forward-looking statements, including the risks and uncertainties more fully described in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Actual results may differ materially from those indicated in such forward-looking statements.
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