Matthew Kissinger
26:33 - 27:20
“the property taxes that we were faced with were about 10, 10 times higher than the next highest, which was Cove Point in Maryland we'd be looking at 600 to 800 million a year, possibly a billion a year once you factor in the potential risk of cost overruns. Whereas in LNG Canada I believe that they're paying somewhere around 27 million a year.”
- Speaker
- Matthew Kissinger
- Timestamp
- 26:33 – 27:20
- Community
- Alaska News
- Location
- Alaska
- Captured at
From the transcript
And some of, I'll admit some of the tax concessions that are given do have limited times with extensions, et cetera, but when you really looked at it on face value, the property taxes that we were faced with were about 10, 10 times higher than the next highest, which was Cove Point in Maryland we'd be looking at 600 to 800 million a year, possibly a billion a year once you factor in the potential risk of cost overruns. Whereas in LNG Canada I believe that they're paying somewhere around 27 million a year. So you can just see it's a massive difference that we were faced with. And that really helped us then identify where we wanted to try and go to. And that's where we first started modeling what does this look like with a 2mil rate rather than a 20mil rate.
Related Coverage
Glenfarne's own cost estimate for Alaska LNG is now significantly higher than AGDC's — and the state's equity option sits in the middle of the new math
Glenfarne raised Alaska LNG cost estimate to 44.5 to 54.5 billion dollars, up from state agency's 38.7 billion. • Legislature can buy 5 to 25 percent equity stake within 180 days after final investment decision. • Property tax reform is central to project financing, with current rates costing roughly 380 million dollars yearly during construction.
