Frank Richards
59:02 - 60:37
“once final investment decision is taken, we'll have 180 days to present the option to present the economics, the risks of inequity participation to the state of Alaska. So for an example, if there is a final investment decision in the fourth quarter, let's say the beginning of the fourth quarter quarter of this year, then that would start the 180 day clock to be able to provide the information to the legislature and to the Alaskans that would be interested in it”
- Speaker
- Frank Richards
- Timestamp
- 59:02 – 60:37
- Community
- Alaska News
- Location
- Alaska
- Captured at
From the transcript
What do you see as the likelihood on time frame for the state to make a decision on whether or not they want to decide to invest or not to invest? Will it be later on this year or will there be a change of administration and a change of the composition of the committee structure in the legislature when that decision is made? Mr. Chairman, for the record, Frank Richards, as we've described previously, but also with Glenn Farm yesterday, what we've reserved for the state of Alaska is once final investment decision is taken, we'll have 180 days to present the option to present the economics, the risks of inequity participation to the state of Alaska. So for an example, if there is a final investment decision in the fourth quarter, let's say the beginning of the fourth quarter quarter of this year, then that would start the 180 day clock to be able to provide the information to the legislature and to the Alaskans that would be interested in it to address Senator Steadman's concerns. Yes, this project, there is a definite risk profile associated with this project that has to be taken into consideration by any investor, including the state of Alaska or individual Alaskans or corporations to see whether or not it meets their investment criteria.
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.
