Video Clips

Quoted moments from Alaska public meetings, hearings, and press conferences.

Clips from Alaska State SenateClear

Alexi Painter “So assuming the capital costs match the DOR projections, then this would make no substantial change, but it doesn't require collecting capital cost data. So then this bill has a couple of new provisions that were not in the House version. So the first is that after 10 years after Phase 2 begins, there is an additional levy. So in addition to the 10.6 cents, there is another 10.6 cents $10.6 million. So essentially, the tax doubles at that point.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Pete Ecklund “it adds a new potential termination of the abatement period and the alternative volumetric tax if a final investment decision is not reached by January 1st, 2028, and if construction of the pipeline component is not completed by December 31st, 2032.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Bert Stedman “I think if they meet the previous date of final investment decision by January 1st of '28 and start construction, I think there'd be probably be some flexibility by the legislature in the event that there was some unforeseen black swan events or something that messed up the construction, slowed it down intentionally, or whatever to, you know, we can change these and modify these going forward. This is not in the Constitution.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

James Kaufman “We've got a big question on page 27 with respect to the construction timeline of it possibly being a deal killer with respect to finance.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Alexi Painter “So in this committee substitute, in Phase 1, as Mr. Eklund said earlier, the tax will be 6.2 cents per 1,000 cubic feet. That was kind of a rounded version of the effective tax rate of the House version during that phase of the project. So that bill had a 6-cent tax on the pipeline component and and then a 13-cent tax on the gas treatment plant. With the smaller gas treatment plant, that blends to a rate of about 6.2 cents, just rounded to the nearest cent of a cent in this bill. And when this tax takes effect, the revenue split is in box A there.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Alexi Painter “Starting when this tax takes effect, which would be 5 years after Phase 1 first gas or 500 million per day average throughput. All tax rates grow at a rate equaling CPI, but not less than 1% and not more than 3%.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Alexi Painter “Then that would double, so 4.8 mills, and then double again to 9.6 mills. Of course, property value is not going to be fixed over the life of the project. So it is possible that after 30 years, the project will be worth less because it will be 30 years old or they will have done work and the value will go up. It removes that variable.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Pete Ecklund “Note, all these tax rates grow with inflation, bounded between 1% and 3%. And that is a change from the other body's version where the inflation was capped at growing at 1 to 2%. The split of the tax between the local governments and the state is also fixed in this committee substitute rather than depending on capital expenditures. The splits are designed to match the effect of the House version as modeled on slide 42 of Department of Revenue's presentation last Monday.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Jesse Kiehl “This is a straight fixed cents per 1,000 cubic feet regardless of the value?”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Alexi Painter “This initial tax will be— will go through the distribution in Box B. So this provides 48.4% of the tax to Kenai Peninsula Borough, 27% for the North Slope Borough, 9.5% by pipeline mileage. That again includes both of those local governments, but also others in the state. 9.5% To community assistance, and then 5.6% to the state as general fund revenue. And these amounts are again the approximate result of the House version of this bill, just without the weighting.”

Alaska Legislature: Senate Finance - June 19, 2026 9:01am · Jun 19, 2026

Adam Prestidge “when we talk about the Fairbanks Spur Line, we are— and again, we will give the specific final numbers, but just for frame of reference for this conversation, approximately 30 miles with a diameter of 12 to 14 inches in diameter.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Claire Knudsen-Latta

“proposed statutory revisions with HB 381 require that for a project to be eligible for tax abatement under AS 43, 59-010, it must include a spur line to the City of Fairbanks and Fairbanks North Star Borough, and the cost of the spur line must be allocated in a just, reasonable, and not unduly discriminatory manner across all consumers system-wide.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Claire Knudsen-Latta

“Not knowing who will construct or operate the line means that the commission cannot answer questions about whether the spur will be economically regulated or not. Additionally, the commission cannot speak to whether the operator will seek certification under AS4206 or AS4208.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Lyman Hoffman “I would expect, highly expect that there are going to be cost overruns. What happens to the Fairbanks spur line given the language in Section 19 that I referred to?”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “Extending it to all of the ratepayers across Alaska stretches that concept a little bit. Extending it to global LNG buyers extends it far outside of the bounds of commercial sensibility. And so we recommend removing that.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “it is not a firm commitment that all of the permits must be obtained because that is outside of the scope of the project developer's control. That is outside of 8 Star's control. At the end of the day, if there is a regulatory agency that for some reason declined to issue permits for the Fairbanks Spur Line, we wouldn't want that to jeopardize the tax treatment for the overall project that benefits the entire state of Alaska.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “the developer would initiate a tariff proceeding with the Regulatory Commission of Alaska and file for, as has been discussed, a system-wide tariff treatment that would allow the cost of the Fairbanks spur line to be spread across to other customers. the cost of the Fairbanks Spur Line would be spread across other gas buyers from the domestic pipeline.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “the question might come, why would we want— why would other ratepayers in Alaska be willing to accept this additional cost? And the reality is, having Fairbanks have access to gas and being a buyer and consumer of gas off the pipeline is good for everyone.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “That additional cost, if the RCA were to approve a tariff that spread the cost across all of the users, would be a a very low additional cost to Fairbanks consumers on top of what would be the $16 tariff. when we're talking about the incremental cost that would be spread across customers, you're looking at, you know, something— 10 cents. I can't pin down an exact number, but in the range of 20 to 30 cents per MMBtu of gas would be the amount that would be spread across all buyers.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Frank Richards “I'm told, but I've never seen it, it's less than $150 million. Understood. No, I think that's helpful because we've heard numbers from $150 to $200 and then $240, so we should be thinking in the range of the $150 range. Through the chair, Senator Steadman again, and I believe that that includes not only not only the initial 38 miles, but also extensions out now out to North Pole and potentially out and beyond into Eielson.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “if it is Glenfarn that builds the Fairbanks Spur Line, or if it is an Alaska Native corporation, or one of the utilities, or a joint venture that includes all of those parties or some of those parties, it doesn't have an impact on the eligibility of the Alaska LNG Project. So long as these conditions are satisfied.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Claire Knudsen-Latta

“it appears the application by the Alaska Gas Line Development Corporation, or AGDC, did not include the Fairbanks Spur, and thus, it is unlikely that FERC's May 2020 decision extends its jurisdiction over the spur.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Claire Knudsen-Latta

“spreading the cost of the spur line across the entire system acts to decrease the rates related to the spur as costs are spread over a greater area. However, in utility and pipeline regulation, there is a well-founded principle which appears at 3 AAC 48510 that the causer of the cost and consequently recipient of the cost benefit should also be the one to pay the cost. System-wide recovery would be contrary to this principle as not all users of the system are causing the cost or receiving the benefits of the SPUR.”

Alaska Legislature: Senate Finance - June 16, 2026 1:30pm · Jun 16, 2026

Adam Prestidge “if you had a shorter-term abatement in, you know, Texas or Louisiana, you'd factor in the cost burden on the project during that 10 years, which would be zero. And then for the remainder of the term, you'd calculate whatever the— whatever the region— whatever the jurisdictional tax is at that time. And the differentiation is those are not— those are not 20 mils in those jurisdictions, and so those are not so negative towards the project.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Lyman Hoffman “under that scenario, unless the legislature decides to take the investment option, there is no scenario that that Glenfarm sees that under any scenario that there would be a cash call by the state of Alaska or by Glenfarm. Chair Hoffman, that is 100% true and correct. There is no scenario where we will ask the state for money.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “With the concept being that if the engineering studies resulted, in an unviable project, or the project failed to go forward, then that up to $50 million could be reimbursed by ADA, by the state, to the developer. We took a look at that, and we thought that that didn't align with the way that we want to take on this project, where we don't have an expectation or request from the state.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “If you're looking at the life of the 30-year loan, any lender or investor is going to look at the economics of that— of the project on that 30-year forecast and can the project handle its debt service payment— its debt payments over that period of time. And so having the tax reduction apply for that time, that equal amount of time to the loan is very critical in— for the economic viability of of the project.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “if that ever did happen, Glenfarn would have no recourse, no ability or expectation or request to be reimbursed. We're doing this at our own risk. To underscore that, the proof of that, when Glenfarn was negotiating to come in to take on this project, there was a concept on the table that was an ADA backstop. And it was being considered a bit by the legislature. There was a bit of press about it where the concept was that ADA would provide a reimbursable or reimbursement guarantee of up to $50 million to cover the cost of engineering studies on the pipeline.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Bert Stedman “I'd like to have that data set or that data point analyzed by your guys' internal data and your own model because you guys have the inside information. You got better information than Revenue has and better information than the Frankly, the governor has.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “when the financing sources are looking to put money into pay for the construction of the project, they're going to be taking the most conservative forecast of the cost of the project and the financial burdens on the project. And so if there's any possibility that after a period of time the tax rate would revert back to 20 mils, that's what lenders and investors would assume will happen because they'll take the most conservative view. And so that's the reason why the 2060 date is is so important.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Matthew Kissinger “What happens is the developer under our contracts, between AGDC and Glenfarm, developer Glenfarm, they have to continue diligent development efforts until they achieve an FID. And we have laid out sort of 10 criteria of what it means to, you know, commit to— or to undertake diligent development efforts.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Matthew Kissinger “if and when that happens, there is no payment obligation of the state back to Glenfarm. There is no payment obligation under that circumstance.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Jesse Kiehl “What about ownership of project assets and intellectual property, whether that's the FERC license permits or engineering studies or those things. How is ownership of those resolved? God forbid this thing doesn't go. Senator Keel, through the chair, those would stay with 8 Star.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “I have heard quite a few times that Gaffney Klein has made comments about a 10-year abatement in comparison, even going so far as to say that he thinks that Gaffney Klein's opinion is that the project only needs a 10-year abatement. That is factually not correct. The Department of Revenue has a financial model that would back that up. If there were to be a shorter-term abatement that then ended reverted back to 20 mils, it would severely challenge the economics of the project, and lenders and investors would simply look at that 30-year forecast, they would calculate the tax reduction during that short period of time, and then the financial burden on the project if the tax were returned up to 20 mils, and as I said, that really makes the project not— Yes. That really challenges the project's viability.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Lyman Hoffman “I would say this is a very valuable dialogue because there are rumors abound in this building. Many questions are revolving around this, particularly in the Senate.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “we made the decision not to pursue that. We asked AEDA to stand down, and we've continued to fund— we've paid for the engineering study. It was successful. We've continued to fund all of the expenses of developing this project ourselves.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “this project is structured under project finance where the construction of the project is being financed through loans and investments, but primarily through loans from institutions that would be repaid over a 30-year period of time. And so an effort to keep the cost of the project lower and to keep the cost of gas lower is to spread the debt payments over a longer period of time.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “The 2060 is a timeline that sets out a few years for construction period followed by 30 years of operations and 30 years of debt service payments.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Frank Richards “it was with Matt's expertise that we hammered out those agreements and looked out for the interest of the state of Alaska in those agreements so that we had what was a working arrangement where the developer Glenfarm would come in and bear the cost of this project taking us to final investment decision. That was key because we understood clearly from the legislature that there was not going to be any more money to be able to move this project forward from the state of Alaska.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “Glenfarn is developing the Alaska LNG Project at our own risk and at our own expense. There's no request for the state to continue to put in additional development cash, and there is certainly no right or expectation for Glenfarn to be reimbursed for any of our development expenses by the state.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “if Glenfarm were to determine the project had failed or if Glenfarm were to decide to abandon the project, we wouldn't have any way to seek any recourse or any reimbursement for what we have done.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Matthew Kissinger “The sunset provisions are contained through a web of sections, 21, 23, 26, 32, and 34. And these are, a lot of them are quite technical, but they really point to the department, the Commissioner of Revenue making the determination that Glenfarm have first met the requirements and so are subject to the AVT, and then later these sunset. Through these provisions. And they sunset on January 1, 2060. I would like to invite Mr. Prestidge to explain the requirement for that date”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Matthew Kissinger “There was a comment made on the House floor last week that the legislative consultant had indicated that the industry was moving more towards shorter and shorter term contracts. And really, this long— the nature of these long-term contracts of the LNG industry is really what differentiates it so much from the oil industry and oil developments. And I just wanted to correct that, that statement that in 2025, the United States developers of LNG projects entered into sales and purchase agreements for 40 million tons of LNG, so double what our project is across the whole U.S. 95% of those contracts were for 20-year contracts.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Bert Stedman “what is the economic impact of this— concession being asked for on the pipeline itself, not the conditioning plant, not the liquefaction plant, but the pipeline, and how does it move the economic model and cash flows.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Bert Stedman “I have yet to see what is the economic impact of the projections of the concession. No one's showed us that. Does it move the return 10 basis points? Does it move 50 basis points? Does it put you clear in the green light zone so it goes to FID tomorrow?”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Adam Prestidge “Senator Simpson, we'd be happy to work on something and put something together. To answer that question. We work with Department of Revenue and also just independently as well.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Bert Stedman “If Glenfarm exits, is there going to be a request back to the state to have to buy that data back, or do you just say one day, you got to excuse me, I'm cleaning out my desk and hitting the road, here's my forwarding address if I left anything behind in my desk, here's all the documents, goodbye, there's no monetary change or nothing”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

Matthew Kissinger “Mr. Kissinger, would you agree with that statement? Chair Hoffman, yes, I agree with that statement 100%.”

Alaska Legislature: Senate Finance - June 16, 2026 9:00am · Jun 16, 2026

← Newer Older →