Cleco, one of Louisiana’s largest utility companies, has officially begun the process of seeking a new owner, according to recent filings with the Louisiana Public Service Commission (PSC). The move, long anticipated due to the terms of its 2016 sale to private equity, could lead to new ownership by as early as December 2026.

The company, which serves over 300,000 customers across 24 parishes and employs between 1,200 and 1,300 workers, initiated a Request for Proposal (RFP) to solicit bids—a formal step required by its original purchase agreement. While no specific buyer has been named, interest is expected from both national and international energy firms.

“There is nothing before the commission yet,” said Commissioner Davante Lewis. “Cleco is doing their internal processes, submitting an RFP and looking for a buyer.”

Cleco was sold to private investors nearly a decade ago under a condition that the company would eventually return to market. Now, with that timeline reaching maturity, the PSC is preparing to evaluate potential ownership changes with a focus on protecting Louisiana ratepayers and preserving local jobs.

“This is not a surprise,” Lewis added. “We knew this day was coming, and we’ve worked proactively to ensure that Cleco’s customers and employees are protected.”

State officials have been clear: any buyer must honor strict conditions to safeguard the community. Lawmakers recently passed a resolution urging the PSC to require:

• Retention of Cleco’s headquarters in Pineville
• Job guarantees for current employees
• No immediate rate increases for customers
• Continued investment in infrastructure and service reliability

While current rates are expected to remain stable, Cleco or a future buyer could propose changes as early as 2027. Until then, customer bills are protected under the current regulatory framework.

FindEnergy estimates there are a little over 8,900 Cleco customers in Red River Parish.

“We would not want, obviously, any transfer to be on the backs of our rate payers,” said Representative Mike Johnson. “Our community’s future is too important.”

The bidding process will unfold over the next five to six months, followed by what could be a yearlong review by the PSC. Officials say the goal is to complete the sale by the end of 2026, though that timeline could shift depending on negotiations and public input.

Until then, Cleco’s operations will continue as normal, with state regulators closely monitoring the process to ensure transparency and accountability.