Investor Presentaiton

Regulatory Update New Formula Rate Plan (FRP) • Settlement approved by LPSC; new rates effective July 1, 2021 Key components of the settlement: • Target ROE of 9.5%; ability to earn up to 10.0% before sharing and 10.2% with sharing Capital structure of 52%/48% Equity/Debt; equity capitalization increased to 52% from 51% previously • Full recovery of all rate base investments • Next rate case effective date is expected July 2024 Dolet Hills Power Station and Mine Retirement Planned retirement of Dolet Hills Power Station in December 2021 Anticipate regulatory filing to request recovery of plant and related mine closure costs through securitization Storm Restoration Cost Securitization Interim recovery of $16 million per year of hurricane storm restoration costs commenced June 1, 2021 • Initial application for securitization of $342 million of storm restoration and associated securitization costs, including creation of a $100 million storm reserve, filed August 5, 2021 • Supplemental testimony filed September 28, 2021 to increase securitization amount to $442 million by creating an additional $100 million storm reserve to address Hurricane Ida storm restoration costs (estimated $85-95 million) Winter Storm Fuel and Purchased Power Cost Recovery • • Fuel clause recovery of $50 million of fuel and purchased power costs associated with winter storms Uri and Viola commenced in May 2021 Full recovery expected over 12 months through April 2022 Rider mechanisms for cost recovery ✓ Ability to earn on major projects with minimal regulatory lag ROE bands with sharing mechanism Regulatory Model Continues to Reflect Constructive Design ✓ Fuel Cost Recovery with two month lag ✓ Environmental Cost Recovery ✓ Blanket Financing Authority CLECO Connecting Louisiana's future. Formula Rate Plan provides regulatory rate-making clarity for Cleco Power 7

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