Cleco Corp.

Baton Rouge, LA: (Jun-12-07) The Federal Energy Regulatory Commission (FERC) brought charges against Cleco Corp., alleging violations of its code of conduct and a 2003 Commission approved settlement agreement. The FERC suit stated that Cleco violated the 2003 settlement agreement and the code of conduct by sharing six operating personnel and market information from the summer of 2003 to the winter of 2005. The code of conduct required the Cleco companies to function independently of one another. An investigation revealed that Cleco failed to disclose these violations to the FERC, as required under the 2003 settlement agreement. The commission said that Cleco's actions did not affect its customers.

Though not admitting to the allegations, Cleco agreed to a $2 million settlement to end the Federal Energy Regulatory Commission's investigation into the Louisiana utility owner's code of conduct. [FORBES: CLECO CODE]

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Published on Jun-13-07