Town Hall Meeting to discuss Cleco Takeover

Cleco Power, the oldest of Louisiana’s major electric utilities, is the target of a nearly $5 billion private equity takeover by a foreign-owned investment group, Macquarie Infrastructure and Real Assets, based in Sydney, Australia.

The Alliance fears that the takeover could mean an increase in utility rates for customers.

The risk is significant. The utility will be saddled with more than one billion of new debt and that exposes customers to potential rate hikes and instability. It’s risk that the current Cleco company doesn’t have.

“It was started in Bunkie, Louisiana, as an ice making company and has had a tremendous relationship with the central Louisiana community. Many people in central Louisiana have worked for Cleco and owned stock in Cleco. It’s really seen as a community company,” AAE’s Casey DeMoss said

The meetings are set for 5 p.m. in Many, Madisonville and New Iberia.

The Alliance is hosting  THREE Town Hall meeting today in New Iberia, Many and Madisonville from 5pm to 7pm to talk about the risks of the proposed Cleco takeover and answer your questions.

The Louisiana Public Service Commission could vote on the takeover bid on February 24.

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