Video Clips

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

Clips from Alaska State SenateClear

Frank Richards

“Glenn Farm yesterday provided you with an updated Class 2 cost range. And I apologize, I don't have those in front of me, but it was in the 15 to 16 billion dollars range and that was at a class two cost estimate.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:48

Matt Kissinger

“There may be multiple rounds building up to an fid but you won't achieve a final investment decision until you have sufficient funding to construct the project along with your contingency and additional contingency for contract cost overrun. Risk, et cetera, at that point in time, once that final investment decision, and that's a single vote that happens at a single moment in time. That's what starts the clock on our 180 days.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:33

Frank Richards

“when the legislature created agdc, they also gave an exemption to any project that AGDC was working on that there would be no property taxes during construction. So what you hear from the developer is they're willing to pay a property tax, an alternative volumetric tax during construction.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:33

Matt Kissinger

“Developers have a habit of setting very aggressive FID dates and they do this because it's really the only way to drive everyone who's actually working on a project to a common target. But the knock on effect is it sets this unrealistic FID date out in the public and slowly credibility erodes.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

1:01

Bert Stedman

“there is some other concerns that some of us have at the table when it's referenced to the state. You know, a lot of it's really easy to assume it come into the legislature, but there has been some interest in accessing other entities of the state if it's the Alaska Railroad, if it's ada, if it's a permanent fund. So there is concern on the structure and how that would be executed.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:29

Frank Richards

“we've reserved that for the for the legislature between 5 and 25% equity option is what we've reserved within our agreements with Glenn Farm. And the goal would be that the state of Alaska may not have to elect the full 25% if it chooses not to. Then that option will then be extended to Alaskans and Alaskan corporations.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:37

Lyman Hoffman

“I bring this up because that 180 day timeline makes much sense. But what triggers that timeline, to me it would make more sense when the legislature convenes that that clock would start ticking so that we would have ample time to make major decision on the amount of funds that the legislature may invest in.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:17

Jesse Kiehl

“The 5% minimum buy in, is that going to match all other potential equity investors? Is there any chance that anybody else gets in at 2%?”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

1:01

Frank Richards

“we wanted this opportunity to acquire ownership if the State of Alaska through appropriate legislation would be available to us. And so we reserved that option. However, if that option does not proceed forward, there will still be some what we call developer economics returns. And as owner of HSTAR Alaska, because of the development cost that the State of Alaska through AGDC and now Glenn Farm working towards FID will have expended and want to have some return on the investment. So as Glenn Farm retains equity positions in any of the sub projects and has developer economics return coming up to them for fees to those sub projects, then AGDC without any more additional funding would receive 25% of those returns to the State of Alaska.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:49

Frank Richards

“my goal is that this project is able to reach a final investment decision for phase one sooner than that. It's really the opportunity that the developer talked to yesterday about what are those existing actions that must be undertaken to complete and have a final investment package, a decision support package that they would then make their decision on. Part of it is again around the property tax.”

Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026

0:30

Matt Kissinger

“These are the overarching principles that we put in place to truly protect the key issues of importance to Alaskans. So the first one is establish and maintain a substantial operational presence in Alaska. And again, if we see contracts coming through that don't achieve that aim, then AGDC has the right to disapprove of those contracts.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:15

Matt Kissinger

“Same with asset distributions. They're not allowed to distribute the assets of eight Star without our approval. So that protects eight Star and the assets within it. That especially the permits and the right of way and things that we've contributed to it.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:29

Matt Kissinger

“The first one is non Alaska aligned contracts. So we have the Alaska Advantage principles that we'll talk about next and we get to review every key contract that is progressed through eight Star and ensure that they're all in line with those principles.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:34

Adam Prestidge

“Two of those board members are appointed by Glenn Farn. The first, the chair of the board is Brendan Duvall, the CEO and founder of Glenfarn Group. And the second board member appointed by Glenn Farn is myself, Adam Prestage. AGDC has the right to appoint one board member and they've appointed Frank Richards the president of of agdc.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:19

Matt Kissinger

“Additional capital asks of AGDC or of the state have to have AGDC approvals. That's a really important one. There are no more capital asks of AGDC into 8 star without AGDC's consent.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:30

Adam Prestidge

“In addition we have an independent non voting board member that sits on the board. That person at all times needs to be an Alaska resident. That position is appointed by the mutual agreement between Glenfarn and agdc. That role, that board seat is currently held by Janet Wiese who was formerly the president of BP Alaska.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:52

Adam Prestidge

“I want to just highlight that the Alaska Advantage principles you see on the screen here are unique. And you wouldn't normally find this in a typical private equity type investment or your average petrochemical plant on the Gulf Coast. This is a project that has very unique components and a level of importance to the state of Alaska. That's something that we, Glenn Farn, have recognized from our very first bit of involvement in the project. I can tell you that the Alaska Advantage principles or concepts that AGDC put forward very, very early in our discussions with them and we've honored them and been willing to incorporate them into our agreement, they are principles that dictate how we take this project forward.”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:59

Adam Prestidge

“The distinction here is that recognizing the importance of AGDC's role representing the State of Alaska, there are additional components and rights and, and principles that benefit the AGDC minority share and require certain things from Glenfarn”

Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026

0:25

Bert Stedman

“As I recall that from those classes that we had years ago on a mega project, if, if you were only 20% or less overrun, that was a successful project.”

Senate Finance, 6/2/26, 9am · Jun 2, 2026

0:29

Speaker A

“We were recently involved with reviewing the Vogel nuclear power plant down in Georgia. Units 3 and 4 that were completed a few years ago. That project, I believe, ended up at roughly $36 billion and took, I believe it was seven years longer than planned to complete.”

Senate Finance, 6/2/26, 9am · Jun 2, 2026

0:13

Speaker A

“the most recent information I've heard is that it's imminent. I understand it's pushed from what was previously forecasted, but I believe it's still expected the first half of this year.”

Senate Finance, 6/2/26, 9am · Jun 2, 2026

0:29

Speaker A

“Bent Flyberg is recognized as one of, if not the preeminent researcher of megaprojects. Through his research of Thousands of projects. He's found 92% of megaprojects are over budget, over schedule or both, which he has dubbed the Iron Law megaprojects.”

Senate Finance, 6/2/26, 9am · Jun 2, 2026

0:32

Speaker A

“is phase one financeable on a standalone basis? If costs are not fully recovered by phase one customers, and that again relates to the economics for the project really being driven by that export capacity”

Senate Finance, 6/2/26, 9am · Jun 2, 2026

0:22

Speaker A

“the pre FID status including gas sales precedent agreements, downstream letters of intent, pipe supply, preliminary agreements and engagement with EPCM and EPC contractors”

Senate Finance, 6/2/26, 9am · Jun 2, 2026

0:38

Speaker A

“a Black Swan event is just something that is unplanned for as low probability, but high impact when it does occur. COVID 19 was a great example of a Black Swan event.”

Senate Finance, 6/2/26, 9am · Jun 2, 2026