Posted Friday, May 12, 2017 - 3:49 pm
A last-minute move by the state Senate to pull $50 million dedicated to the Alaska LNG Project and spend it on other state services will be reversed in the House Finance Committee, according to committee co-chair Rep. Paul Seaton.
The Homer Republican, who is a member of the Democrat-led House Majority, said in an interview Friday that he and fellow Finance leader Rep. Neal Foster, D-Nome, have no interest in de-funding the Alaska Gasline Development Corp., which is leading the project, at this point.
Posted Wednesday, May 10, 2017 - 12:40 pm
All of a sudden, Alaska has more than 400,000 barrels per day of new oil potential.
The North Slope, dismissed by many in recent years as a has-been conventional oil basin unable to keep up with the hip-now-with-it-and-wow shale mania of the Lower 48, is on the verge of reinvention.
In just the past year, Caelus Energy, ConocoPhillips and the Armstrong Energy-Repsol partnership have all announced oil discoveries capable of producing up to, or well in excess of, 100,000 barrels per day.
And they’re all related.
Posted Wednesday, May 10, 2017 - 12:39 pm
With the oil tax credit bill on the backburner, the Senate Finance Committee approved a capital budget bill May 9 that includes $288 million to pay down the state’s growing tax credit obligation.
Finance Co-chair Sen. Anna MacKinnon, R-Eagle River, said the appropriation, if agreed to by the House and Gov. Bill Walker, would cover roughly one-third of the about $900 million in refundable tax credits the Department of Revenue is projecting the state will owe by June 30 at the end of fiscal year 2017.
Posted Tuesday, May 02, 2017 - 3:45 pm
Alaska Air Group Inc.’s impressive run of record earnings came to an end to start 2017, but the company still turned a $99 million profit in its first full quarter after acquiring Virgin America.
The Seattle-based parent to Alaska Airlines, regional carrier Horizon Air and now Virgin America reported quarterly net income of $130 million excluding merger and fuel hedging costs, according to an earnings report released April 26.
Posted Wednesday, April 26, 2017 - 12:34 pm
With an opportunity to discuss nearly anything on their minds, a gathering of Anchorage realtors consistently steered an April 20 conversation with Sen. Lisa Murkowski back to health care.
Murkowski said the chief issue of concern raised at the Anchorage Board of Realtors lunch continued a trend among the many Alaskans she talks to.
Posted Wednesday, April 26, 2017 - 12:34 pm
JUNEAU — Getting a bill passed to use Permanent Fund income to pay down Alaska’s multibillion-dollar budget deficits might be only half the battle.
Both houses of the Legislature have now passed a version of Gov. Bill Walker’s plan to restructure the Permanent Fund and reduce the amount available for dividends.
If Walker signs such a bill, one of Alaska’s political icons is prepping to repeal it.
“The greedy eyes are out,” former Republican Senate President Clem Tillion said in an interview. “If they change the law, we will change it back.”
Posted Tuesday, April 25, 2017 - 2:14 pm
JUNEAU — Senate Republicans have a new way to get the State of Alaska out from under its $700 million oil and gas tax credit obligation and it’s based on oil companies paying each other.
Posted Friday, April 21, 2017 - 11:00 am
Public pushback persuaded Chugach Electric Association to punt on its proposal to build a $500 million-plus hydropower project at the headwaters of the Kenai River less than four months into a decade-long process.
The Anchorage electric cooperative announced late Thursday that it is canceling further study of a concept to dam the Snow River near Seward, which is the feeder system to Kenai Lake and the upper reaches of the Kenai watershed.
Posted Wednesday, April 19, 2017 - 1:08 pm
The Senate is starting overtime with all the balls.
It took all session, but the Democrat-led House Majority got the final pillar of its four-part fiscal plan — an income tax — passed on the 90th day of the regular legislative session.
With that, the majority Republicans in the Senate now have the House’s version of a broad-based tax, the 2018 fiscal year operating budget, a government draw on the Permanent Fund and an oil tax and credit bill to consider, none of which they like at all.
Posted Wednesday, April 19, 2017 - 1:07 pm
The Alaska Gasline Development Corp. was ahead of schedule April 17 in checking a big “to-do” off its long list of steps to get natural gas off the North Slope.
AGDC filed its formal license application with the Federal Energy Regulatory Commission more than two months before the end of June goal set by corporation President Keith Meyer.
The AGDC board of directors unanimously passed a resolution at its April 13 meeting authorizing management to submit the Natural Gas Act Section 3 permit application.
Posted Wednesday, April 19, 2017 - 1:07 pm
The Kenai River always draws a crowd.
A standing-room only audience of more than 100 gathered April 17 in Anchorage at an informational public meeting put on by Chugach Electric Association to discuss the utility’s concept to dam the Snow River, which feeds Kenai Lake.
Posted Friday, April 14, 2017 - 4:38 pm
Don’t spend it all in one place.
Better than expected oil production and price figures mean the State of Alaska should have an extra $191 million when the 2017 fiscal year ends June 30, according to Revenue Commissioner Randy Hoffbeck.
Posted Thursday, April 13, 2017 - 10:51 am
BP Alaska President Janet Weiss has offered additional financial information about the company’s 2016 income after a reported $85 million profit became part of the political debate over oil taxes this week.
Posted Wednesday, April 12, 2017 - 12:34 pm
Now we’re getting somewhere.
The House and Senate majorities still have large philosophical gaps to bridge, but the procedural pieces are being put in place to make that happen.
With less than a week to go in the voter-prescribed 90-day session on April 16, the House brought to the floor its version of Senate Bill 26, Gov. Bill Walker’s legislation to spin off Permanent Fund income to fund government, on April 12. An amended version of the Senate bill was passed out of the House Finance Committee April 11. The House passed the bill 22-18 along caucus lines.
Posted Tuesday, April 11, 2017 - 4:38 pm
Natural Resources Commissioner Andy Mack approved Pebble Limited Partnership’s long-awaited land-use permit April 11 with stipulations that include a $2 million bond to backstop exploration cleanup.
The permit is for 12 months; Pebble had sought a permit through 2018.
Pebble applied for the miscellaneous land-use permit, or MLUP, last Oct. 13. MLUP approval for most activities is often little more than a formality, but next to nothing about Pebble is normal either, from the size of the project to the fervor it generates.
Posted Monday, April 10, 2017 - 4:07 pm
While many Alaskans were busy taking advantage of a warm spring weekend, House Majority coalition members were making up for lost legislative time by whisking their oil tax proposal onto the House floor.
A Finance Committee rewrite of House Bill 111 was introduced on Friday, moved from committee Saturday and voted on Monday. It passed the House on a 21-19 vote.
Anchorage Independent Jason Grenn was the lone majority caucus member to vote against the bill.
Posted Monday, April 10, 2017 - 10:06 am
Rural utility operators are worried changes to how the Alaska Energy Authority handles their powerhouse projects will hurt the reliability of electrical service in communities across the state, but AEA officials say the fears are the result of a simple misunderstanding.
The usually quiet public testimony portion of the authority’s March 30 board of directors meeting was dominated by utility managers and local government administrators from small bush communities pleading with AEA directors to not close the authority’s north Anchorage warehouse.
Posted Friday, April 07, 2017 - 12:35 pm
BP made $115 million worldwide last year and $85 million of those profits came from Alaska, according to the oil major’s 2016 annual report published April 6.
On the flipside, a BP spokesperson noted the company paid $464 million in taxes and royalties to the State of Alaska before realizing the $85 million in-state profit.
BP and its fellow North Slope producers have lobbied against a bill proposed by Alaska House Democrats to increase production taxes on the large Slope operators.
Posted Wednesday, April 05, 2017 - 1:17 pm
Consolidation is the next natural step for Anchorage’s electric utilities to take in their ongoing efforts to reduce costs, according to a national consultant.
NERA Economic Consulting Director Kurt Strunk spoke March 30 to a small group of Anchorage business leaders about possibilities to mitigate energy price spikes in the city.
The roundtable discussion was the second in a series of meetings hosted by the Anchorage Economic Development Corp. about the state of the city’s electric utilities.
Posted Wednesday, April 05, 2017 - 1:13 pm
Thankfully, the Anna platform oil spill was not worse.
Hilcorp Alaska LLC, which owns the west Cook Inlet production platform and reported the spill from a pipeline April 1, estimates less than three gallons of oil made it into the water.
While some experts have said Hilcorp’s guess is a little premature, Cook Inlet Spill Response Inc. General Manager Todd Paxton said his organization’s responders did not find any oil to recover after the oil sheen was first spotted April 1.