Cleco Corp. Reports Full-Year 2006 Earnings

Market Wire, February, 2007

                                                   For the three months
(Million kWh)                                          ended Dec. 31
                                                 -------------------------
                                                   2006     2005   Change
                                                 -------  -------  ------
Electric Sales
  Residential                                        792      820    (3.4)%
  Commercial                                         580      455    27.5 %
  Industrial                                         762      715     6.6 %
  Other retail                                        32      156   (79.5)%
                                                 -------  -------  ------
    Total retail                                   2,166    2,146     0.9 %
  Sales for resale                                    89      142   (37.3)%
  Unbilled                                           (46)     (38)  (21.1)%
                                                 -------  -------  ------
Total retail and wholesale customer sales          2,209    2,250    (1.8)%

Results of energy hedging, net were down $0.01 per share compared to fourth quarter 2005.

--  The $0.01 per share decrease was the result of 2006 mark-to-market
    losses on energy hedging positions tied to a fixed-price wholesale contract
    as compared to mark-to-market gains in the same period of 2005.
    

Nonfuel expenses were down $0.07 per share compared to the same quarter of 2005.

--  A $0.05 per share decrease was due to the reclassification of 2005
    storm labor costs from the storm reserve to expense in 2005, and a $0.01
    decrease came from the transfer of storm costs from expense to a regulatory
    asset in 2006. Partially offsetting these items was a $0.02 per share
    increase in salaries and benefits, and a $0.01 increase in production
    expenses.

--  Storm amortization costs increased expenses by $0.04 per share, and
    depreciation of routine property, plant and equipment additions increased
    expenses by $0.01 per share.

--  Interest expense, net increased $0.02 per share primarily due to a
    full quarter of interest expense on Senior Notes issued in November 2005.

--  Capacity payments were $0.01 per share lower primarily due to the
    March termination of a 2006 power purchase agreement with Calpine Energy
    Services, offset by a $0.01 per share increase in non-recoverable fuel and
    purchased power for a fixed-price wholesale contract that began in January
    2006.

--  AFUDC (allowance for funds used during construction) associated with
    the Rodemacher project contributed $0.05 per share.

--  Income tax benefits mainly due to tax reserve adjustments related to
    favorable settlements of federal and state income tax audits and appeals
    and the permanent flow-thru of AFUDC equity contributed $0.05 per share.
    Lower ad valorem taxes contributed $0.01 per share.
    

Other:

--  The issuance of 6.9 million shares of common stock in August 2006
    resulted in a $0.03 per share dilution.