By JIM BUTLER
It’s chicken or the egg, regulatory version.
The Public Service Commission August 12 docket includes authorization of the Cleco ownership change.
At the same session the Pineville-housed utility is asking for expedited treatment of its petition for rate changes effective next July 1 under a new Formula Rate Plan.
Particulars as to the rate changes requested and estimated revenue as a result are not yet public record.
The Cleco sale to Pine JV Holdings was announced in late April. Stonepeak and Bernard Capital Partners Management are the buyers.
Several documents have been filed with regard to the change.
Among support testimony received by the PSC is that of Kristen Guillory, Cleco CFO.
She notes in her June 15 statement that the buyers have access to the significant capital amounts required over multiple investment cycles entering a significant reinvestment period requiring sustained capital deployment across generating, transmission, distribution and storm hardening needs.
Interested party notices have been filed by two entities in the matter.
Alliance for Affordable Energy is a New Orleans-based nonprofit advocate for electric ratepayers.
Its entry says it intends to participate in the proceeding “to protect interests of residential and small commercial customers.”
Packing Corporation of America is also an official party of interest PCA, headquartered in the Midwest, and notes its DeRidder container board mill is one of the utility’s largest customers and thus it has a compelling stake in the matter.
Cleco provides electricity service to more than 300,000 customers in 24 parishes.