
Calvin Schrage
20:29 - 21:32
"the deadline for the Phase 1 pipeline is extended to 2034 based on developer concerns. The 3 key project dates may also be extended in the event of force majeure"
“the deadline for the Phase 1 pipeline is extended to 2034 based on developer concerns. The 3 key project dates may also be extended in the event of force majeure”
To protect against cost overruns, the definition of cost overrun, a top concern of the developer, is updated. The cost overrun determinations will now be based on the construction budget established at the initial closing of construction financing instead of at FID, giving the RCA the most accurate basis for evaluating project costs and striking a balance between cost overrun protection for the state and for the developer. In terms of the construction deadline, the deadline for the Phase 1 pipeline is extended to 2034 based on developer concerns. The 3 key project dates may also be extended in the event of force majeure, which we now define, providing protection to the developer if events outside of their control transpire that prevent this project or delay this project— I should say delays this project from moving forward in the— according to the deadline set forth. For workforce development, an additional $10 million is added to the Phase 1 Community Impact Fund fund with intent language directing the funds towards the AK LNG Workforce Development Project.