Cleco to hold town hall meeting tonight in New Iberia about company being taken over

New Iberia residents will get the opportunity to voice their concerns after discussion that the local utility company, Cleco, could face a takeover.

Cleco Power is the target of a private equity takeover by a foreign-owned investment group. The group says customer’s won’t notice the difference, but the Alliance for Affordable Energy says it’s the history of the potential buyers that tells a different story.
The alliance fears that the takeover could mean an increase in utility rates for customers. The alliance says that the deal is unfair and say they just want to keep Cleco local.
I reached out to Cleco and they issued the following statement in regard to the alliance’s claim:
“The Louisiana Public Service Commission has made sure that Cleco customers will not pay for any of the costs related to the transaction. Cleco customer rates will not increase as a result of this transaction. In fact, Cleco customers will receive more than $140 million in credits on their bills over the next 15 years if this transaction is approved”

A town hall meeting will be held today from 5:00 p.m.-7:00 p.m. at the Cyr-Gates Community Center in City Park. The meeting is being hosted by the Alliance for Affordable Energy and representatives from Cleco will also be present. The local community is encouraged to attend.

The Louisiana Public Service Commissioners will then meet next Wednesday to vote on the proposed deal.

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