Legislature(2017 - 2018)BARNES 124

01/24/2018 01:00 PM House RESOURCES

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01:01:30 PM Start
01:02:10 PM Presentation: Alaska Lng Project Update by the Alaska Gasline Development Corporation
03:03:28 PM Adjourn
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ Presentation: AK LNG Update by the AK Gasline TELECONFERENCED
Development Corp.
-- Testimony <Invitation Only> --
**Streamed live on AKL.tv**
                    ALASKA STATE LEGISLATURE                                                                                  
               HOUSE RESOURCES STANDING COMMITTEE                                                                             
                        January 24, 2018                                                                                        
                           1:01 p.m.                                                                                            
MEMBERS PRESENT                                                                                                               
Representative Andy Josephson, Co-Chair                                                                                         
Representative Geran Tarr, Co-Chair                                                                                             
Representative Harriet Drummond                                                                                                 
Representative Justin Parish                                                                                                    
Representative Chris Birch                                                                                                      
Representative DeLena Johnson                                                                                                   
Representative George Rauscher                                                                                                  
Representative David Talerico                                                                                                   
Representative Mike Chenault (alternate)                                                                                        
Representative Chris Tuck (alternate)                                                                                           
MEMBERS ABSENT                                                                                                                
All members present                                                                                                             
OTHER LEGISLATORS PRESENT                                                                                                     
Representative Gary Knopp                                                                                                       
COMMITTEE CALENDAR                                                                                                            
PRESENTATION:  ALASKA LNG PROJECT UPDATE BY THE ALASKA GASLINE                                                                  
DEVELOPMENT CORPORATION                                                                                                         
     - HEARD                                                                                                                    
PREVIOUS COMMITTEE ACTION                                                                                                     
No previous action to record                                                                                                    
WITNESS REGISTER                                                                                                              
KEITH MEYER, President                                                                                                          
Alaska Gasline Development Corporation                                                                                          
Department of Commerce, Community & Economic Development                                                                        
Anchorage, Alaska                                                                                                               
POSITION STATEMENT:  Provided a PowerPoint presentation                                                                       
entitled, "Alaska LNG" dated 1/24/18, and answered questions.                                                                   
LIEZA WILCOX, Vice President Commercial and Economics                                                                           
Alaska Gasline Development Corporation                                                                                          
Department of Commerce, Community & Economic Development                                                                        
Anchorage, Alaska                                                                                                               
POSITION STATEMENT:   Participated  in a  PowerPoint presentation                                                             
entitled, "Alaska LNG" dated 1/24/18, and answered questions.                                                                   
FRANK RICHARDS PE, Senior Vice President Project Management                                                                     
Alaska Gasline Development Corporation                                                                                          
Department of Commerce, Community & Economic Development                                                                        
Anchorage, Alaska                                                                                                               
POSITION STATEMENT:   Participated  in a  PowerPoint presentation                                                             
entitled, "Alaska LNG" dated 1/24/18, and answered questions.                                                                   
ACTION NARRATIVE                                                                                                              
1:01:30 PM                                                                                                                    
CO-CHAIR  ANDY  JOSEPHSON  called the  House  Resources  Standing                                                             
Committee  meeting  to  order  at   1:01  p.m.    Representatives                                                               
Josephson, Birch, Parish, Tarr, and  Drummond were present at the                                                               
call  to  order.   Representatives  Tuck  (alternate),  Rauscher,                                                               
Talerico,  Chenault  (alternate),  and  Johnson  arrived  as  the                                                               
meeting was in progress.  Also present was Representative Knopp.                                                                
^PRESENTATION:  Alaska  LNG Project Update by  the Alaska Gasline                                                               
Development Corporation                                                                                                         
 PRESENTATION:  Alaska LNG Project Update by the Alaska Gasline                                                             
                    Development Corporation                                                                                 
1:02:10 PM                                                                                                                    
CO-CHAIR  JOSEPHSON announced  that  the only  order of  business                                                               
would  be an  update  on the  Alaska LNG  project  by the  Alaska                                                               
Gasline Development Corporation.                                                                                                
CO-CHAIR  TARR,   as  an  aside,  provided   information  to  the                                                               
committee on a  different topic related to a  presentation at the                                                               
prior meeting on 1/22/18.                                                                                                       
1:04:41 PM                                                                                                                    
KEITH  MEYER, President,  Alaska Gasline  Development Corporation                                                               
(AGDC),   Department   of    Commerce,   Community   &   Economic                                                               
Development,   provided  a   PowerPoint  presentation   entitled,                                                               
"Alaska LNG" dated 1/24/18, and  answered questions.  He directed                                                               
attention  to  slide  3,  which was  a  capital  budget  variance                                                               
analysis  dated December  2017, and  pointed out  the Alaska  LNG                                                               
project  is  significantly  underspending   for  2017,  after  an                                                               
austerity program was implemented  to extend existing funding and                                                               
thereby  operate  within the  state's  allotment.   Ideally,  the                                                               
project will  attract third-party investment so  that the state's                                                               
additional  investment  would  be optional,  but  not  necessary.                                                               
Slide  4  illustrated AGDC's  fund  balance  and a  forecast  for                                                               
January  through June  of fiscal  year 2018  (FY 18),  showing an                                                               
expenditure of  about $67 million  and a forecasted  fund balance                                                               
of  about $41  million to  carry  over through  FY 19.   Slide  5                                                               
illustrated  AGDC's  FY  19  operating  budget,  its  request  to                                                               
receive program  receipt authority,  and its request  to transfer                                                               
[In-state Natural  Gas Pipeline  Fund (1229-ISP)] funds  from the                                                               
Alaska  Stand Alone  Pipeline (ASAP)  project to  the Alaska  LNG                                                               
1:08:58 PM                                                                                                                    
REPRESENTATIVE  JOHNSON asked  for the  purpose of  the requested                                                               
program receipt authority.                                                                                                      
MR. MEYER  explained AGDC seeks  authority to receive  funds from                                                               
third parties for  the continuation of the  project; for example,                                                               
investments  from third-party  investors  to  pay for  additional                                                               
development, front-end  engineering and  design (FEED)  work, and                                                               
other costs through construction of  the project.  In response to                                                               
Representative Johnson's  question as  to who might  be involved,                                                               
he  opined the  project  would  attract infrastructure  investors                                                               
such as  pipeline companies,  pension funds,  insurance companies                                                               
and/or  foreign customers,  but the  project would  not meet  the                                                               
investment hurdle rate of an oil company.                                                                                       
REPRESENTATIVE JOHNSON  surmised China  Petrochemical Corporation                                                               
(Sinopec) could be a third-party investor.                                                                                      
MR. MEYER said yes.                                                                                                             
REPRESENTATIVE    PARISH   asked    for   information    on   the                                                               
aforementioned 1229-ISP fund.                                                                                                   
1:11:21 PM                                                                                                                    
FRANK  RICHARDS PE,  Senior  Vice  President Project  Management,                                                               
Alaska Gasline  Development Corporation, Department  of Commerce,                                                               
Community  & Economic  Development,  informed  the committee  the                                                               
ASAP project  has advanced using  the 1229 [In-state  Natural Gas                                                               
Pipeline Fund].  [ASAP] has  moved through the draft supplemental                                                               
environmental  impact   statement  and  public  review,   and  is                                                               
expected to reach a record of decision (ROD) in June [2018].                                                                    
REPRESENTATIVE  PARISH  asked when  $12  million  in funds  would                                                               
transfer to AGDC.                                                                                                               
MR. RICHARDS said late in FY  18, after the ROD is obtained, AGDC                                                               
seeks to transfer remaining ASAP funds to Alaska LNG.                                                                           
REPRESENTATIVE PARISH  returned attention to the  program receipt                                                               
authority  and surmised  AGDC expects  all the  investments would                                                               
come from "non-Alaska state government sources."                                                                                
MR. MEYER said no.  In  fact, the project structure requires AGDC                                                               
to make  offerings available to Alaskans,  Alaska municipalities,                                                               
and regional corporations.                                                                                                      
REPRESENTATIVE  PARISH  restated  his   question  as  to  whether                                                               
offerings would be to state government agencies.                                                                                
MR. MEYER said AGDC would not exclude any entities.                                                                             
MR.  RICHARDS  clarified the  request  for  receipt authority  is                                                               
related to receiving  outside funds, and there is  no request for                                                               
additional appropriations from  the State of Alaska  in AGDC's FY                                                               
19 budget.                                                                                                                      
1:14:33 PM                                                                                                                    
REPRESENTATIVE BIRCH asked whether  the program receipt authority                                                               
would  allow  AGDC  to  accept   funds  from  the  Alaska  Public                                                               
Employees Retirement System (PERS)  pension fund as a prospective                                                               
MR. MEYER said  AGDC has not had discussions with  PERS in regard                                                               
to  its  pension   fund;  however,  the  project   is  a  perfect                                                               
investment for pension funds and insurance companies.                                                                           
REPRESENTATIVE   BIRCH  stated   his   great  concern   regarding                                                               
potential investment  by [PERS] or  by the Alaska  Permanent Fund                                                               
REPRESENTATIVE  JOHNSON asked  whether program  receipt authority                                                               
allows investment into AGDC.                                                                                                    
MR.  MEYER indicated  not  at this  time.   He  explained that  a                                                               
project  company  would  hold the  assets,  and  investors  would                                                               
participate in  the project company,  but would "not own  a piece                                                               
of  AGDC";  currently  envisioning  that AGDC  would  remain  100                                                               
percent state-owned.   Slide 6  illustrated future  funding needs                                                               
and desires.  He said AGDC's  spend profile includes Class 3 Work                                                               
leading  to lump  sum  turnkey  (LSTK) FEED  and  a 2024-2025  in                                                               
service date.   Mr. Meyer said AGDC intends to  complete FEED and                                                               
future   development   work,   but  stop   short   of   long-lead                                                               
CO-CHAIR TARR asked  how AGDC was able to respond  to the Federal                                                               
Energy Regulatory  Commission (FERC)  information requests  in an                                                               
efficient manner.                                                                                                               
MR. MEYER stated AGDC's response is  an example of working well -                                                               
with a minimal use of  contractors - under its austerity program;                                                               
AGDC answered eight  hundred and one questions  during six months                                                               
of work.                                                                                                                        
1:19:37 PM                                                                                                                    
MR. RICHARDS,  in further  response, pointed  out AGDC  sought to                                                               
"de-risk the  project" by addressing  regulatory issues.   [AGDC]                                                               
applied  to FERC  in  April and  received  requests for  specific                                                               
information; a  team at AGDC that  has been working with  FERC on                                                               
ASAP provided  answers to  FERC and FERC  has begun  the National                                                               
Environmental Policy Act of 1969 (NEPA) process.                                                                                
MR. MEYER  further explained  AGDC took  over an  existing [FERC]                                                               
filing, which  is now very  complete with minimal use  of outside                                                               
REPRESENTATIVE DRUMMOND surmised the  receipt authority is needed                                                               
to accept  investments in the  amount of $645 million  to support                                                               
the cost of the Class 3 Work.                                                                                                   
MR.  MEYER said  yes, and  receipt authority  is also  needed for                                                               
construction work.                                                                                                              
REPRESENTATIVE DRUMMOND further  understood the receipt authority                                                               
is not limited to the costs that are shown on [slide 6].                                                                        
MR. MEYER  said the receipt  authority is needed to  complete the                                                               
1:22:35 PM                                                                                                                    
MR.  MEYER continued  to slide  8  and explained  the Alaska  LNG                                                               
pipeline  capacity exceeds  that  of the  proposed  LNG plant  by                                                               
approximately 500  million cubic feet  per day (MMcf/d);  this is                                                               
the amount reserved  for in-state use and is more  than twice the                                                               
current use  of gas by  Alaskans, which should allay  fears about                                                               
the project  exporting all the gas.   The gas price  is estimated                                                               
at between $5.00-$6.00 dollars per  million British thermal units                                                               
(Btus), which would  be a savings in  the Matanuska-Susitna (Mat-                                                               
Su)  and Fairbanks  regions;  however, less  is  known about  the                                                               
distribution of LNG to remote and coastal communities in Alaska.                                                                
1:24:22 PM                                                                                                                    
REPRESENTATIVE  PARISH returned  attention to  slide 8  and asked                                                               
whether  the $1,000  average energy  savings shown  on the  slide                                                               
relates to all Alaskan households or for those on the Railbelt.                                                                 
MR. MEYER answered Railbelt [household],  with an emphasis on the                                                               
Mat-Su area.                                                                                                                    
1:25:00 PM                                                                                                                    
REPRESENTATIVE PARISH suggested there  could be a program similar                                                               
to the  Power Cost Equalization  (PCE) Endowment Fund  to support                                                               
rural communities.                                                                                                              
MR.  RICHARDS recalled  AGDC was  created by  the legislature  to                                                               
work on  an in-state  pipeline project  to benefit  Fairbanks and                                                               
Southcentral Alaska.   Therefore, Senate Bill 138  [passed in the                                                               
Twenty-Eighth Alaska  State Legislature]  created a  rural energy                                                               
fund that will be supported by  20 percent of the [state] revenue                                                               
from the  Alaska LNG  project to secure  funds directed  to rural                                                               
communities for energy.                                                                                                         
REPRESENTATIVE PARISH asked that  future presentations make clear                                                               
whether references  are to [all]  Alaska households or  to Mat-Su                                                               
and Fairbanks households.                                                                                                       
MR. RICHARDS and Mr. Meyer nodded yes.                                                                                          
CO-CHAIR TARR asked whether Mr.  Meyer's reference to small-scale                                                               
[rural] LNG distribution would be of a refined product.                                                                         
MR.  MEYER said  yes, the  product would  be LNG.   He  clarified                                                               
small scale  LNG distribution may  be in a  tank, such as  an ISO                                                               
container  that could  be shipped  by barge,  moved by  truck, or                                                               
transported as cargo by the Alaska Railroad.                                                                                    
REPRESENTATIVE TUCK asked  how the expected price  of natural gas                                                               
from Alaska  LNG would compare to  the price of natural  gas from                                                               
Cook Inlet.                                                                                                                     
1:28:35 PM                                                                                                                    
LIEZA  WILCOX, Vice  President Commercial  and Economics,  Alaska                                                               
Gasline   Development   Corporation,  Department   of   Commerce,                                                               
Community  &  Economic  Development, explained  the  estimate  on                                                               
slide  8  is  a  broad   calculation  for  current  gas-consuming                                                               
households; mid-single digit pricing  was compared to current gas                                                               
contracts for Cook  Inlet and the total was divided  by the total                                                               
number  of  households.   Savings  for  households that  are  not                                                               
currently served by natural gas would  be affected by the cost of                                                               
delivery and conversions, but may still be higher.                                                                              
MR. MEYER  continued to slide  9 which compared the  structure of                                                               
the project  under the previous  producer-led consortium  [of BP,                                                               
ConocoPhillips  and  ExxonMobil]  with the  new  AGDC  structure,                                                               
pointing out the new 75  percent debt/25 percent equity structure                                                               
defines  that AGDC  participation  is 100  percent of  ownership;                                                               
however, some of the ownership would  be sold to raise the equity                                                               
of $11  billion.  Slide 10  illustrated engineering, procurement,                                                               
and construction costs  for Alaska LNG of $27.9  billion, and Mr.                                                               
Meyer  said   over  $600  million   was  spent   in  engineering,                                                               
optimization, and project management  to develop the construction                                                               
and capital cost  estimates.  Slide 11  illustrated owner's costs                                                               
not included in  the construction cost estimate such  as the cost                                                               
of  the   Project  Management  Team,   which  is   $3.4  billion.                                                               
Additional  owner's costs  include  FEED, insurance,  operations,                                                               
and  training for  a  total  in owner's  costs  of $6.2  billion.                                                               
Estimates  of  overrun  risks and  contingencies  were  estimated                                                               
through probabilistic  simulations of  "what could go  wrong" and                                                               
total $9.3  billon (slide  12).  Slide  13 illustrated  the total                                                               
project   cost  of   $43.4  billion;   Mr.   Meyer  pointed   out                                                               
contingencies  are  included  in  the   total,  and  said  he  is                                                               
"reasonably comfortable" with the total cost.                                                                                   
1:35:47 PM                                                                                                                    
CO-CHAIR  JOSEPHSON recalled  the  previous  project estimate  in                                                               
2014  was   $45-$60  billion  and  surmised   contingencies  were                                                               
included in the original framework.                                                                                             
MR.  MEYER  said  yes.    He characterized  the  framework  as  a                                                               
reasonable approach  that incorporates contingencies  and project                                                               
management.    In  further response  to  Co-Chair  Josephson,  he                                                               
affirmed  the original  framework  would have  also included  the                                                               
components of contingencies and project management.                                                                             
REPRESENTATIVE RAUSCHER asked for examples of contingencies.                                                                    
MR. MEYER  stated the project  could be delayed due  to materials                                                               
shortages or a labor strike.                                                                                                    
REPRESENTATIVE  TUCK  asked  whether   the  percentage  of  total                                                               
owner's cost to construction cost is typical and standard.                                                                      
1:39:31 PM                                                                                                                    
MR. RICHARDS  advised the Department  of Transportation  & Public                                                               
Facilities (DOTPF) allows  a range from 16 percent  to 22 percent                                                               
for  construction-related  oversight,  which is  similar  to  the                                                               
Alaska LNG  [owner's cost] estimate  of nearly 25 percent  of the                                                               
base  cost;  however,  the  Alaska   LNG  estimate  includes  the                                                               
additional factors of training, insurance,  and FEED that are not                                                               
included [in owner's cost estimates] by DOTPF.                                                                                  
MR.  MEYER  directed  attention  to slide  14  and  advised  AGDC                                                               
engaged Fluor  [Corporation] that  identified a potential  net $2                                                               
billion  in   savings  related  to  optimization   and  strategic                                                               
sourcing;  further, AGDC  received  an informal  response from  a                                                               
major  contractor that  it would  perform project  management for                                                               
significantly  less than  the estimate  of $3.4  billion.   These                                                               
potential  savings  are  not  reflected   in  the  $43.4  billion                                                               
construction cost  estimate.  Slide 15  illustrated the project's                                                               
75 percent  debt/25 percent equity  structure of $32  billion and                                                               
$11  billion  respectively.   Operations  and  maintenance  (O&M)                                                               
costs were shown on slide 16.                                                                                                   
REPRESENTATIVE JOHNSON  returned attention to slide  14 and asked                                                               
for the amount  of the "significantly less"  estimate for project                                                               
MR. MEYER  said AGDC did  not have a  formal number.   In further                                                               
response  to Representative  Johnson,  he said  he included  this                                                               
information  because  he feels  the  cost  of project  management                                                               
could be less than $3.4 billion.                                                                                                
1:44:27 PM                                                                                                                    
CO-CHAIR TARR  reminded the committee  the spending on  O&M shown                                                               
on slide  16 would largely be  dollars that would stay  in Alaska                                                               
and provide jobs for Alaskans.                                                                                                  
MR. MEYER agreed.                                                                                                               
REPRESENTATIVE PARISH  inquired as  to the contractual  and legal                                                               
commitments to [local hire].                                                                                                    
MR. MEYER explained  slide 16 describes O&M over the  life of the                                                               
project, not  during construction.   Work done  over the  life of                                                               
the  project  is suited  to  those  who  live locally;  in  fact,                                                               
generations  would  be employed  on  the  project, and  it  would                                                               
provide an attractive career choice.                                                                                            
REPRESENTATIVE  PARISH  restated  his  question as  to  how  this                                                               
project  would be  fundamentally  different  than other  resource                                                               
extraction  businesses  that   typically  have  approximately  30                                                               
percent of their workforce staffed by outside labor.                                                                            
MR.  MEYER  advised a  pipeline  and  LNG facility  provide  more                                                               
normal-day work, except at the  gas treatment plant [on the North                                                               
Slope].  For example, at the  LNG plant in Nikiski and at control                                                               
centers  along the  pipeline,  workers would  drive  to work  and                                                               
home, unlike  the usual North  Slope work schedules of  two weeks                                                               
on and two weeks off.                                                                                                           
1:48:13 PM                                                                                                                    
REPRESENTATIVE  TUCK  advised one  way  to  ensure Alaskans  have                                                               
first access  to jobs  is through a  project labor  agreement; in                                                               
addition,   apprenticeship   programs  often   require   one-year                                                               
residency to  ensure Alaskans receive  training first,  and which                                                               
could be part of a project labor agreement (PLA).                                                                               
MR. MEYER urged for the  state to start training pipeline workers                                                               
as soon  as possible;  training for all  the prospective  work is                                                               
available now in Alaska.                                                                                                        
CO-CHAIR TARR recalled during the  State of the State Address the                                                               
governor mentioned a PLA as a component of Alaska LNG.                                                                          
MR. MEYER affirmed the project would have  a PLA.  Slide 17 was a                                                               
projection  of  the construction  costs  in  phases beginning  in                                                               
2019, with and without contingency:   Train 1 would be in service                                                               
by the  third quarter (Q3) of  2024, Train 2 would  be in service                                                               
by  Q3 of  2025, and  Train 3  would be  in service  by Q3  2026.                                                               
Looking at  debt funding, the debt  term would be about  20 years                                                               
at 5 percent thus the annual  debt service would be $3.5 billion.                                                               
A  graph  illustrated  $3.5 billion  payments  for  debt  service                                                               
during the life of  the loan (slide 18).  He  pointed out in this                                                               
debt for  capacity proposal, customers  help secure the  debt and                                                               
the cost  and term of the  debt would pass through  to customers.                                                               
Slide 19 described  the state's equity investment  of $11 billion                                                               
on  the  full project;  owners  receive  a return  on  investment                                                               
through the  sale of system  capacity after debt service  and O&M                                                               
expenses; Alaska  benefits from  its 25 percent  excess capacity;                                                               
the  return on  investment  would depend  primarily  on the  sale                                                               
price  of  the LNG  and  the  cost  of  the debt;  under  current                                                               
assumptions, the return  on equity would be 8  percent during the                                                               
initial term, 10  percent during the life of the  project, and 15                                                               
percent for the state if it is the investor.                                                                                    
1:53:36 PM                                                                                                                    
REPRESENTATIVE  PARISH asked  what level  of state  investment is                                                               
MR. MEYER restated the state's equity would be $11 billion.                                                                     
REPRESENTATIVE TUCK asked for the  effect on consumer costs after                                                               
paying  off the  debt service,  such as  a possible  reduction in                                                               
consumer costs.                                                                                                                 
MR.  MEYER  explained after  the  debt  is repaid,  the  contract                                                               
expires, and all  the capacity returns to the owners.   The state                                                               
can  sell  the capacity  after  the  system  is paid  for,  which                                                               
results  in  a  significant  uplift   in  revenue.    In  further                                                               
response,  he   clarified  that  under  the   debt  for  capacity                                                               
arrangement, the debtor pays the  debt by buying system capacity;                                                               
that is, the customer pays for  the right to move the LNG through                                                               
the system as does a pipeline company.                                                                                          
REPRESENTATIVE  PARISH   posited  a  scenario  in   which  cheap,                                                               
abundant  renewable energy  dominates globally  and the  price of                                                               
oil crashes; in this case, what  would be the state's position in                                                               
regard to its debt.                                                                                                             
MR. MEYER remarked:                                                                                                             
     The  probability of  hydrocarbon usage  ... going  away                                                                    
     completely in  our lifetime,  and [our]  children's, is                                                                    
     probably low.  The  probability that the world embraces                                                                    
     a cleaner  hydrocarbon molecule,  which is  the methane                                                                    
     molecule  ... that's  very high.   So,  we're going  to                                                                    
     start to see heavier molecules  - coal, heavy oil, that                                                                    
     type of  thing -  be in  less demand  in favor  of that                                                                    
     lighter molecule,  methane.  And  we see that in  a big                                                                    
     way  in China,  which currently  buys half  the world's                                                                    
     coal, they're shifting to, to natural gas.                                                                                 
MR. MEYER continued to explain  his expectation is demand for gas                                                               
will  go  up  over  time  relative to  other  hydrocarbons.    He                                                               
acknowledged   in  certain   areas  wind,   solar,  and   battery                                                               
technology energy are effective;  however, in other areas natural                                                               
gas  will  be  in demand  for  a  long  time.   Alaska  is  well-                                                               
positioned to supply  Asia, the largest LNG market  in the world,                                                               
and there  will be increases  in methane  use in Asia  to replace                                                               
coal.   Further,  oil  consuming industries  such  as the  marine                                                               
industry are shifting to natural  gas resulting in demand for gas                                                               
for fuel for  high-horsepower engines, for home  heating, and for                                                               
electric generation.   To  the question of  what would  happen to                                                               
the state, he opined during the  debt period of the project, if a                                                               
customer does not take the gas,  the system and 75 percent of O&M                                                               
are  already paid;  after the  system is  paid for,  the pipeline                                                               
could link methane to world markets.                                                                                            
1:58:49 PM                                                                                                                    
REPRESENTATIVE   PARISH  recalled   the  state   twice  did   not                                                               
anticipate a  downturn in oil  prices.   If, for any  reason, the                                                               
price of LNG drops, he asked, "How exposed are we as a state?"                                                                  
MR. MEYER  said, "very little."   The  revenue and return  on the                                                               
Trans-Alaska Pipeline  System (TAPS) has been  steady even though                                                               
the state  does not own  TAPS; in  this project AGDC  is building                                                               
the  pipeline  and  the  LNG  facility  thus  is  insulated  from                                                               
commodity price fluctuation.  The  project is attractive to risk-                                                               
adverse  investors.    With  certain prices  the  gas  price  may                                                               
fluctuate;  however, most  of the  project's customers  are large                                                               
gas or electric  utilities which seek a stable price  that is not                                                               
linked to oil  price.  Alaska can offer a  natural gas supply not                                                               
linked to the Henry Hub price index.                                                                                            
CO-CHAIR TARR  returned attention to  slide 18 and asked  for the                                                               
amount of the total debt.                                                                                                       
MR. MEYER said $32 billion.                                                                                                     
CO-CHAIR  TARR  returned attention  to  slide  19 and  asked  for                                                               
clarification  on the  graph  depicting  the Annual  Construction                                                               
Spend - Equity Capital.                                                                                                         
MR.  MEYER clarified  the $11  billion [debt]  lines up  with the                                                               
debt payment per  year and the total construction  spend for each                                                               
year.   In further  response to Co-Chair  Tarr, he  confirmed the                                                               
initial contracts for service are for  20 years and the debt term                                                               
is 20  years, although AGDC could  extend up to 30  years.  Slide                                                               
20 showed the  project must balance three factors:   market price                                                               
for customers,  the financial market,  and an  acceptable netback                                                               
price to  the resource owner  - the state.   To explain  how AGDC                                                               
determined the  expected market price of  [$8.00/MMBtu], he first                                                               
noted  one  of  the  sources for  the  project's  competition  is                                                               
Texas/Louisiana  with   gas  selling  at   Henry  Hub   index  of                                                               
approximately  $3.00,  plus  $5.00  for  liquefaction,  fuel  for                                                               
liquefaction, shipping,  and [the  expense of] the  Panama Canal.                                                               
He advised a product that can  beat a competitor's price of Henry                                                               
Hub  plus  $5.00, can  be  marketed  in  Asia  (slide 21).    The                                                               
shipping cost  [for Alaska LNG gas  to Asia] would be  $0.80 thus                                                               
the  gas must  reach the  plant at  Nikiski at  a cost  of $7.20,                                                               
which can  be accomplished by  the Alaska LNG system  (slide 22).                                                               
He broke  down the  costs of  the Alaska  LNG system  as follows:                                                               
O&M and  payment in lieu  of taxes (PILT), $1.4  billion annually                                                               
or  $1.45/MMBtu;  $3.5  billion/year debt  service,  $3.60/MMBtu;                                                               
equity  $1.15/MMBtu.    The total  cost  for  the  infrastructure                                                               
system to deliver  gas from the North Slope,  liquify, and export                                                               
from  Nikiski  would  be  $6.20/MMBtu   (slide  23).    Slide  24                                                               
illustrated the  market price and  all the  aforementioned costs,                                                               
resulting in $1.00  netback for the gas supply;  he concluded the                                                               
required quantity of gas would  be approximately 1 trillion cubic                                                               
feet  per  year  which  would  garner  $1  billion  per  year  to                                                               
suppliers.   Slide 25 illustrated  the equal costs of  the system                                                               
and the cost of gas delivered to Nikiski:  $7.20 MMBtu.                                                                         
2:06:46 PM                                                                                                                    
MR.  MEYER  continued  to  slide 26,  which  was  the  investment                                                               
profile  for the  state's investment  of $11  billion during  the                                                               
three main phases of the  project:  construction; operation while                                                               
repaying debt; operation after debt.   He noted after the debt is                                                               
paid,  income increases  to approximately  $6  billion.   Further                                                               
information on  benefits to  the state  without investment  - $11                                                               
billion is invested  by outside sources - were  provided on slide                                                               
27.   Mr.  Meyer stressed  even without  investment, the  state's                                                               
economy would  receive $250 million  to $500 million for  its gas                                                               
supply, $450 million to $500  million from PILT, and $950 million                                                               
from O&M.                                                                                                                       
REPRESENTATIVE  TUCK  questioned  whether said  income  is  total                                                               
economic gain or state revenue.                                                                                                 
MR. MEYER  said, "... not so  much revenue, but into  the state's                                                               
economy...."    He then  described  the  November 9,  2017  Joint                                                               
Development Agreement  signed in  China (slide  28).   During the                                                               
[trade mission]  AGDC proposed to  the top LNG  consuming nations                                                               
in  Asia,   and  to  the   Asian  governments,  that   money  for                                                               
[construction] debt would  be repaid in capacity  in the project.                                                               
Further, 25  percent of the cost  of the project would  be funded                                                               
by the  owners for 25  percent of  capacity and AGDC  retains 100                                                               
percent of  ownership, with the  potential for  partial ownership                                                               
investment (slide 29).                                                                                                          
CO-CHAIR TARR  asked whether "in-country  bank provides  the debt                                                               
for 75 percent  of the capital cost" would be  a lump sum payment                                                               
or annual payments.                                                                                                             
MR.  MEYER said  the funding  would align  with the  construction                                                               
schedule draw during  the construction period.  Slides  30 and 31                                                               
were  illustrations  of the  proposed  transaction.   He  further                                                               
explained the  loan for 75 percent  of the capital cost  would be                                                               
repaid by "giving capacity to a  buyer, and the buyer is going to                                                               
make the debt service payments  to the lender and, therefore, the                                                               
term and the  pricing of that is somewhat insulated  from us, and                                                               
even the  currency.   And so,  our obligation  is to  provide the                                                               
capacity, the  buyer pays  the lender, and  that happens  for the                                                               
term of the loan.  [The] buyer also  has to pay 75 percent of the                                                               
O&M, for the life [of the loan],  and has to buy the gas supply."                                                               
He turned attention to equity  funding and said AGDC is currently                                                               
focused on acquiring funding for  25 percent equity in the amount                                                               
of $11 billion  (slide 32).  The return on  this investment would                                                               
be  from  the sale  of  system  capacity  not dedicated  to  debt                                                               
service or  to debt for  capacity customers, and is  dependent on                                                               
the market price of the gas (slide 33).                                                                                         
2:14:07 PM                                                                                                                    
CO-CHAIR TARR  asked whether the  gas would  be sold on  the spot                                                               
2:14:15 PM                                                                                                                    
MR. MEYER  said the market  price could  be affected by  the spot                                                               
markets or  shorter terms; the spot  market has a high  degree of                                                               
volatility due  to fluctuations  in demand.   He said  the bottom                                                               
line is  that the project expects  a rate of return  based on 100                                                               
percent equity, with the ability  to leverage the cost by issuing                                                               
bonds  or  obtaining  bank  financing   (slide  34).    Slide  35                                                               
illustrated   the  project's   financing   structure,  which   he                                                               
characterized  as  "pretty   traditional,  pretty  standard,  and                                                               
that's  where  we  need  that  receipt  authority,  that  program                                                               
receipt [authority]" (slide 35).                                                                                                
CO-CHAIR   TARR  recalled   AGDC  has   the  authority   to  form                                                               
subsidiaries and  asked whether  AGDC subsidiaries  would perform                                                               
specific pieces of the project.                                                                                                 
MR.  MEYER  agreed state  involvement  in  the project  could  be                                                               
through  AGDC or  subsidiaries such  as  a non-profit  subsidiary                                                               
that  would be  established  for in-state  sales  as required  by                                                               
Senate Bill  138; however, the  Alaska LNG project  company would                                                               
be a for-profit entity.                                                                                                         
REPRESENTATIVE  DRUMMOND   surmised  from  Mr.   Meyer's  earlier                                                               
statement China is already in need of gas.                                                                                      
MR. MEYER said yes.  China  has surpassed Korea as the number two                                                               
buyer in the world for LNG, behind Japan.                                                                                       
REPRESENTATIVE  TUCK returned  attention  to slide  30 and  asked                                                               
whether AGDC is concerned about the lender/buyer relationship.                                                                  
2:18:28 PM                                                                                                                    
MR. MEYER acknowledged  AGDC must ensure the project  is fair and                                                               
balanced and that it can  clear financial markets from what would                                                               
probably be a  consortium of banks.  The  purchase agreement must                                                               
satisfy lending agreements, AGDC, the  equity owners, and the gas                                                               
suppliers without  too much risk  for parties.   Currently, China                                                               
has a  lot of U.S. dollars,  and the governments of  the U.S. and                                                               
China have  agreed providing  LNG to  China would  be beneficial.                                                               
He implied  protections are provided  by the review  and approval                                                               
of  the project  by the  Committee on  Foreign Investment  in the                                                               
United States  (CFIUS); subsequently,  AGDC "will have  about $32                                                               
billion from  China, we'll bury it  in the ground in  Alaska - in                                                               
the form of  pipes and LNG facilities - and  we'll be a long-term                                                               
supplier for them ...."                                                                                                         
REPRESENTATIVE  PARISH asked  what the  state should  be wary  of                                                               
[regarding negotiations].                                                                                                       
MR. MEYER  stated an unbalanced  deal with  too much risk  on the                                                               
state  would  be unacceptable,  for  example,  an agreement  with                                                               
significant  majority ownership.   He  assured the  committee the                                                               
negotiations  will  be high  profile  and  transparent with  many                                                               
opportunities for scrutiny.                                                                                                     
MS.  WILCOX provided  a commercial  update of  the project.   She                                                               
began  her   presentation,  recalling  the   committee  requested                                                               
further information  on the various  sources of data for  the LNG                                                               
supply-demand forecast  that was  previously provided.   Slide 38                                                               
was  an  updated chart  of  the  long-term contracts  for  Japan,                                                               
Korea, mainland  China, and  Taiwan, all  of which  have expiring                                                               
long-term contracts.   Ms. Wilcox  advised Japan is  reducing the                                                               
number of  its long-term contracts; however,  China is increasing                                                               
long-term contracts,  and now has  19 LNG terminals and  more are                                                               
planned.   China LNG  imports have increased  by 46  percent this                                                               
year because its  domestic natural gas production  is not keeping                                                               
up  with demand.    She  stressed China  has  a  track record  of                                                               
growth, and more  growth is forecast by the industry.   In China,                                                               
natural gas provides 7-8 percent  of its energy and coal provides                                                               
65  percent.   She noted  the  president of  China has  expressed                                                               
China's growing  interest in environmental  matters and  seeks to                                                               
turn China's focus from coal to natural gas.                                                                                    
2:25:20 PM                                                                                                                    
MS. WILCOX  explained slide  38 also shows  a diverging  range of                                                               
demand for the  abovementioned Asia markets, and  how supply from                                                               
the Alaska  LNG project fits  in the supply-demand  forecast that                                                               
was provided by  three consultants.  She continued  to Alaska LNG                                                               
project competitiveness as follows (slide 39):                                                                                  
   · LNG market is growing more liquid but long-term contracts                                                                  
     are beneficial to sellers for financing, and to buyers for                                                                 
   · buyers seek a mix of contract portfolios                                                                                   
   · buyers seek a variety of pricing structures and to ensure a                                                                
    variety of supply to meet their specific long-term needs                                                                    
MS. WILCOX said in 2017  AGDC's commercial team focused on market                                                               
awareness  and relationships  with potential  buyers from  nearby                                                               
markets and growing  markets, such as China and  Vietnam.  [AGDC]                                                               
also  has taken  a  government-to-government  approach through  a                                                               
memorandum of  understanding (MOU)  with state-owned  Vietnam Oil                                                               
and Gas  Group (PetroVietnam).   In other cases,  AGDC negotiated                                                               
directly  with buyers,  through  executed  unannounced letter  of                                                               
intent agreements, and other announced  agreements with Korea Gas                                                               
Corporation (KOGAS), Tokyo Gas,  PetroVietnam, and Sinopec (slide                                                               
40).    In  2018,  the   commercial  team  will  work  in  legal,                                                               
commercial, and  financing aspects to convert  the aforementioned                                                               
first agreements  into definitive  agreements.  Ms.  Wilcox noted                                                               
the  project  has  expanded its  industry  expert  support  staff                                                               
located  in Houston  and in  Anchorage.   Further, AGDC  plans to                                                               
conclude   agreements  envisioned   in   the  Joint   Development                                                               
Agreement  with   Sinopec,  Bank   of  China,  and   CIC  Capital                                                               
Corporation,   and  to   advance  other   agreements  to   ensure                                                               
sufficient sale  and purchase agreements  are acquired  to enable                                                               
project sanction and project financing in 2019 (slide 41).                                                                      
CO-CHAIR  JOSEPHSON  referred  to  an announcement  made  by  Ms.                                                               
Wilcox [document  not provided] and  asked for a better  sense of                                                               
the status of the project.                                                                                                      
2:31:38 PM                                                                                                                    
MS. WILCOX remarked:                                                                                                            
     The  direct  quote ...  came  from  the Bank  of  China                                                                    
     representative  and  the  comment   that  he  made  was                                                                    
     related to  the fact  that it is  a large  project, and                                                                    
     the  Bank of  China will  be  looking to,  to bring  in                                                                    
     other banks in order to  support the investment ... for                                                                    
     the debt for  capacity portion of it,  they would, they                                                                    
     would be  the lead  in China  because they've  taken on                                                                    
     that role and they will be bringing in others.                                                                             
MS. WILCOX continued  to explain the aforementioned  type of debt                                                               
arrangement is common  to the industry in all  major projects and                                                               
she gave examples.   In further response  to Co-Chair Josephson's                                                               
question about  progress made from  11/9/17 to present,  she said                                                               
she  was  surprised by  the  current  level  of support  for  the                                                               
project from  the [consulate of  the People's Republic  of China]                                                               
in  San Francisco  and  the Bank  of China  [at  the World  Trade                                                               
Center Anchorage - China Business Conference, 1/23/18].                                                                         
REPRESENTATIVE PARISH returned attention  to slide 38 and pointed                                                               
out the forecast represents the  contracts, but is not a forecast                                                               
of future LNG capacity that may  be provided by new supplies.  He                                                               
questioned how many  new entrants into the  industry are expected                                                               
in the next  10 years, their production capacity,  and the effect                                                               
of  new  entrants  on contract  renegotiations.    Representative                                                               
Parish  acknowledged  the  presentation  addressed  some  of  his                                                               
concerns;  however,  he  restated  his interest  in  knowing  the                                                               
overall picture of the supply of gas.                                                                                           
MS. WILCOX  will provide the  requested data and said  the number                                                               
of new suppliers  into the market "is  always somewhat fungible."                                                               
She  suggested if  all existing  contracts were  renewed and  all                                                               
factors were  considered, a gap  between supply and  demand would                                                               
still exist.                                                                                                                    
2:37:05 PM                                                                                                                    
REPRESENTATIVE  PARISH  asked  for  the  cost  to  dismantle  the                                                               
project at the end of its productive life.                                                                                      
MR.  MEYER was  unsure but  pointed out  LNG plants  are a  clean                                                               
operation thus a  plant could be scrapped, and  gas pipelines are                                                               
typically  left  underground;   furthermore,  he  suggested  that                                                               
reserves on the North Slope would  supply gas to the pipeline for                                                               
many decades.                                                                                                                   
REPRESENTATIVE   JOHNSON  asked   for  a   timeline  on   binding                                                               
MR. MEYER said AGDC expects  to focus on definitive agreements in                                                               
2018, particularly  for contracts with China,  and all commercial                                                               
agreements  should be  in place  within the  first six  months of                                                               
2019 to facilitate a final  investment decision - also within the                                                               
first six months  of 2019 -in order to begin  construction in the                                                               
last six months of 2019.   Binding commercial agreements, binding                                                               
loan documents,  equity investors,  and regulatory  paperwork are                                                               
required for a  final investment decision.   He characterized the                                                               
timeline as an aggressive schedule.                                                                                             
2:40:38 PM                                                                                                                    
MR.  RICHARDS  turned  attention  to the  Alaska  LNG  Regulatory                                                               
Timeline  shown on  slide 44:   in  April 2017,  FERC application                                                               
filing and request for additional  responses; in August 2017, the                                                               
project   received  approval   for   [Fixing  America's   Surface                                                               
Transportation  Act  Title  41]   (FAST  Act);  in  August  2017,                                                               
Presidential  Executive  Order  for  expedited  review  of  major                                                               
projects  was issued;  in November  2017,  the Joint  Development                                                               
Agreement was  signed.  Future  expected datelines are:   January                                                               
2018,  FERC  EIS schedule  published;  December  2018, Final  EIS                                                               
published;  March  2019,  Record   of  Decision.    Mr.  Richards                                                               
continued  to note  AGDC  is also  interacting  with Joe  Balash,                                                               
Assistant Secretary for Land  and Minerals Management, Department                                                               
of  the  Interior   (DOI),  who  oversees  the   Bureau  of  Land                                                               
Management.   One issue  the state  has with  DOI is  Public Land                                                               
Order   (PLO)  No.   5150,  a   longstanding  issue   related  to                                                               
transferring federal  land to the  state; a portion of  this land                                                               
is needed  for the Alaska  LNG pipeline corridor.   Another issue                                                               
related  to DOI  regulation  is the  question  of aboveground  or                                                               
belowground pipeline  construction for a section  of the pipeline                                                               
south  of  Prudhoe  Bay;  AGDC  seeks DOI  support  to  bury  the                                                               
chilled,  high-pressure  natural  gas  pipeline  underground  for                                                               
safety  and security  (slide 45).   Further  federal interactions                                                               
occurred  with the  Environmental  Protection  Agency (EPA);  the                                                               
National  Oceanic  and  Atmospheric Administration  (NOAA),  U.S.                                                               
Department  of Commerce,  for incidental  take authorizations  in                                                               
the  Beaufort  Sea  and  Cook  Inlet;  the  U.S.  Army  Corps  of                                                               
Engineers (USACE) related  to additions to the  [Clean Water Act]                                                               
Section  404  permit;  the Pipeline  Hazardous  Materials  Safety                                                               
Administration  (PHMSA),   U.S.  Department   of  Transportation,                                                               
related to environmental special permits (slide 46).                                                                            
MR.  RICHARDS added  state authorizations  are required  from the                                                               
Alaska  Department  of Fish  &  Game  (ADFG), the  Department  of                                                               
Environmental Conservation  (DEC), and the Department  of Natural                                                               
Resources (DNR),  with the  goal of  permitting completed  by the                                                               
first  quarter of  2019  (1Q  2019) in  order  to  reach a  final                                                               
investment decision (slide 47).                                                                                                 
2:47:40 PM                                                                                                                    
REPRESENTATIVE  TALERICO  asked  for   the  status  of  obtaining                                                               
permission for the project to cross private property.                                                                           
MR. RICHARDS  advised the project affects  approximately 40 miles                                                               
of private  land, including Alaska  Native Claims  Settlement Act                                                               
(ANCSA)  corporation land  mostly  owned  by Ahtna,  Incorporated                                                               
(Ahtna) and a leasing process with Ahtna is underway.                                                                           
REPRESENTATIVE  BIRCH  inquired  as to  the  potential  devasting                                                               
impacts  of the  Alaska Salmon  Habitat Protection  Standards and                                                               
Permits  (Stand  for  Salmon)   Initiative,  and  its  "parallel"                                                               
proposed legislation in the context  of permitting for the Alaska                                                               
LNG project.                                                                                                                    
MR. RICHARDS directed  attention to slide 48  that identified the                                                               
number  of waterways  crossed  by the  project.   Stream  surveys                                                               
indicated  194  waterways  contain anadromous  fish  and  require                                                               
[Alaska Statute]  Title 16  permits.  AGDC  is in  the permitting                                                               
process  with ADFG  to ensure  statutory  requirements for  water                                                               
crossings  are  met.    Mr.  Richards  cautioned  any  additional                                                               
burdens on  permitting requirements could  add risk and  delay to                                                               
the project.                                                                                                                    
REPRESENTATIVE BIRCH  expressed his  grave concern  regarding the                                                               
aforementioned  [initiative and  proposed legislation]  and asked                                                               
about any reaction on the part of AGDC.                                                                                         
MR. MEYER  agreed this is an  important issue and said,  "Part of                                                               
the importance  is the language  in the, in the  legislation that                                                               
was  proposed, now  that's  not  the HB  199,  ...  I'm not  that                                                               
familiar with that language."   He related certain language could                                                               
be  stifling to  development,  for example,  that which  suggests                                                               
certain habitat could  support a species even  though the species                                                               
isn't there.   The Alaska  LNG project crosses over  600 streams,                                                               
and  Mr.   Meyer  said  the   proposal  is  detrimental   to  any                                                               
development project in the state.                                                                                               
CO-CHAIR JOSEPHSON  said, "I think [HB]199  speaks to substantial                                                               
effects:   If there's a  potentiality for substantial  effects, a                                                               
major  permit would  be  required."   He  asked  for AGDC's  plan                                                               
[under  current  regulation]  when  the  pipeline  approaches  an                                                               
anadromous stream.                                                                                                              
2:53:13 PM                                                                                                                    
MR.  RICHARDS explained  the process  with ADFG  is to  determine                                                               
which streams have anadromous fish  and then to identify the best                                                               
time to cross and what mitigation  efforts AGDC must put in place                                                               
to meet ADFG's  requirements under its Title 16  permit, based on                                                               
factors specific  to the waterbody and  environmental conditions.                                                               
He  turned attention  to the  Kenai  Spur Highway  which must  be                                                               
rerouted because it transects the  site of the proposed LNG plant                                                               
in  Nikiski.    Although  AGDC would  build  the  reroute,  after                                                               
construction,  operation  of the  road  would  be transferred  to                                                               
DOTPF, therefore, approval  of the reroute must  be obtained from                                                               
DOTPF   and  the   [U.S.  Department   of  Transportation];   two                                                               
alternatives will be  offered for public comment at  a hearing in                                                               
Nikiski [2/12/18](slide  49).  Continuing to  stakeholder issues,                                                               
Mr. Richards provided detailed  background information related to                                                               
the Mat-Su Borough's  complaint to FERC that AGDC  and the former                                                               
project  consortium  incorrectly  considered siting  of  the  LNG                                                               
plant  in  2012,  without  including  Port  Mackenzie,  prior  to                                                               
choosing Nikiski.  [AGDC] is  not opposed  to the  Mat-Su Borough                                                               
becoming an intervener  in the FERC process;  however, he pointed                                                               
out the  borough has  previously supported  the Nikiski  site and                                                               
returning  to  the  comparable  site  analyses  would  delay  the                                                               
project.   He restated  Nikiski is  AGDC's preferred  site (slide                                                               
2:58:34 PM                                                                                                                    
MR.  RICHARDS  returned  attention  to ASAP  2018  activities  as                                                               
follows:    January  31, complete  Cultural  Resource  Management                                                               
Plans; March  31, USACE  Final Supplemental  Environmental Impact                                                               
Statement;  wetlands   mitigation  plans;  July  1,   Records  of                                                               
Decision from  USACE and other  federal agencies (slide 51).   He                                                               
related sources  of federal support  are:  the  National Economic                                                               
Council  and   the  Council   on  Environmental   Quality;  Trump                                                               
Administration cabinet members Secretary  of Commerce Wilbur Ross                                                               
and   Secretary  of   the  Interior   Ryan   Zinke;  the   Alaska                                                               
Congressional delegation  (slide 52).  Mr.  Richards advised AGDC                                                               
is working  on strategic country  sourcing which is the  best way                                                               
to  acquire  materials  for  the project.    The  four  countries                                                               
considered  are China,  Japan, Korea  and  the U.S.   The  former                                                               
project team focused on China  for the fabrication of the modules                                                               
for the gas  treatment plant; in fact, there could  be savings of                                                               
approximately $1.4 billion by  utilizing materials from countries                                                               
that are buyers of the product  and investors in the project.  In                                                               
addition, the zero-based execution  review covered the three main                                                               
subprojects seeking  opportunities for  savings in  the execution                                                               
of the  project (slide  53).   Mr. Richards  noted at  a previous                                                               
hearing AGDC  was asked to  provide project information  in terms                                                               
of  a stage-gate  project process,  and he  reviewed the  project                                                               
timeline to  date.  New  elements in  the decision to  enter FEED                                                               
include   securing   customers,   gas,   lenders,   and   capable                                                               
engineering,  procurement,  and construction  contractors  (slide                                                               
54).  Finally,  during 2018-2019, the project  will progress from                                                               
FEED to LSTK with the major  subprojects of the LNG gas treatment                                                               
plant, and  pipeline and compressor stations  with major spending                                                               
between $400 million and $700 million (slide 55).                                                                               
3:03:28 PM                                                                                                                    
There being no  further business before the  committee, the House                                                               
Resources Standing Committee meeting was adjourned at 3:03 p.m.                                                                 

Document Name Date/Time Subjects
AGDC Legislative Presentation_House Resources Committee 1-24-18.pdf HRES 1/24/2018 1:00:00 PM