Spanish company among potential Cleco buyers

Iberdrola SA, a Spanish company, is one of a small group of companies bidding for Cleco Power LLC, a utility company based in Pineville, according to The Wall Street Journal.

Cleco admitted the company was reviewing offers after media outlets, including the Journal, reported the utility was looking into a sale.

Cleco supplies power to more than 280,000 customers in Louisiana and Mississippi. Louisiana Public Service Commissioner Clyde Holloway has said Cleco CEO Bruce Williamson, who stands to collect more than $29 million if the utility sells, should be forced to resign.