Holloway releases statement on PSC rejection of Cleco sale

Louisiana Public Service Commission Chairman Clyde Holloway issued a statement on the PSC’s rejection of the sale of Cleco to Macquarie.
The statement follows.
I am pleased, that a majority of my fellow commissioners joined me today in opposing the transaction that was not in the longterm interest of customers and Louisiana.
I did not think that Cleco customers should serve as an ATM for a conglomeration of foreign companies, just so top Cleco executives could walk off with millions of dollars leaving customers with longterm risk .
We cannot clarify enough, this transaction deals with a monopoly and Cleco is a monopoly. Their customers do not have a choice as to where to purchase electricity. The proposed buyers simply did not prove their case in testimony, they’ve had over a year to agree to withdraw the tax scheme and address issues such as double leverage that gave the LPSC great pause. They did not address those issues adequately for approval,” stated Chairman Holloway,
After 16 months of study, negotiations and hearings-the request culminated with a vote at the Louisiana Public Service Commission ‘s February 24th Business and Executive Session Meeting. It started with a motion placed on the floor by Commissioner Eric Skrmetta of Metairie to approve the sale, Chairman Holloway objected.
After six hours of contentious debate on the matter, Commissioner Clyde Holloway (Republican-Forest Hill) made a motion to REJECT the proposed sale, the motion was seconded by Foster Campbell (Democrat-Bossier City) and no objections were made, so the vote to deny sale of Cleco to Macquarie was unanimous.