Cleco may soon be taken over by another company.
Macquarie, an Australian Investing Firm, intends to buy them out for $4.9 billion dollars.
Although Cleco may change hands, company reps maintain that customers won’t even notice the take over.
“This transaction will be seamless for our customers. Their rates will not increase because of this transaction.” said Robbyn Cooper of Cleco.
However, the Alliance for Affordable Energy is skeptical.
“Based on the other utility companies that they have purchased in the United States, they will raise rates.” said Yvonne Cappel, Alliance For Affordable Energy.
The Alliance believes that Macquerie will raise prices within two years.
Another red flag for the group is the idea that the state stands to lose revenue if the takeover is approved.
“This group of foreign investors won’t be paying Louisiana taxes or federal taxes. We don’t think that’s right or ethical.” Cappel said.
The group is worried that Macquire will resell Cleco in 8 years.
Some are also concerned that the buyout will bring new people who aren’t invested in Louisiana but Cleco says the company will still be under local control
“We will have local leadership. We will have Louisiana members on our board. We will also be focused on serving our customers to the best of our ability.” Cooper said.
The public is also urged to call the Louisiana Public Service Commission to let them know how they feel about the transaction:
Eric Skrmette District 1: 504-846-6930 or 985-624-4660
Scott Angelle, District 2: 337-262-5380 or 225-342-6900
Lambert Boissiere III District 3: 504-680-9529 or 225-342-6687
Clyde Holloway District 4: 337-457-7395 or 337-491-2736
Foster Campbell District 5: 318-362-3318 or 318-757-3206
The Louisiana Public Service Commission will decide on February 23rd on whether to allow the sale to go through.