HB 74-GEOTHERMAL RESOURCES  10:16:35 AM CHAIR RAUSCHER announced that the first order of business would be HOUSE BILL NO. 74, "An Act relating to geothermal resources; relating to the definition of 'geothermal resources'; and providing for an effective date." 10:17:33 AM PAUL CRAIG, President, GeoAlaska, LLC, stated that GeoAlaska has two Geothermal exploration permits, on Mt. Spurr and Augustine Island. He said that GeoAlaska and Ignis Energy have worked out an agreement to partner together in efforts to develop geothermal energy at those sites. GeoAlaska fully supports HB 74 and views it as a necessary step in the development of geothermal resources, as the current length of time for permits under current statute is too short to discover the feasibility of a geothermal plant in a given area. He said that the current instability of royalty structures also makes it more difficult to secure investors. He stated that the oldest geothermal project in the world was created in 1904 in Tuscany, Italy, and it is still producing geothermal energy today. 10:26:40 AM GUY OLIVER, PhD, Geoscience and Exploration Leader, Ignis Energy, stated that Ignis Energy supports HB 74 as written. Ignis Energy is a worldwide leader in connecting different sources of energy with geothermal sources of energy in order to meet energy demand. He said that Ignis has been doing work in the state of Alaska for over 20 years. Its aim in Alaska is to greatly increase the development of Alaska's "underutilized" geothermal resource potential. He said that the extra time to explore provided in HB 74 is a vital step in increasing geothermal power, especially because of Alaska's weather patterns limiting the amount of work that can be done during certain parts of the year. 10:33:11 AM REPRESENTATIVE PRAX asked when the projects at Mt. Spurr and Augustine Island could be expected to start producing energy. DR. OLIVER answered that if according to plan, geophysical data is expected this year, a test well is expected by summer 2024, and the total time it is expected to take to start producing energy is 5 or 6 years from now. 10:36:14 AM GEOFF SIMPSON, Landman, Cyrq Energy, stated that Cyrg Energy is a subsidiary of Macquarie Infrastructure and Real Assets, the largest infrastructure company in the world. Cyrg has 10 ongoing geothermal projects around the world, including Alaska, and fully supports HB 74. 10:38:37 AM CHAIR RAUSCHER opened public testimony on HB 74. 10:39:09 AM PAUL FUHS, CEO, Alaska Hydrogen Industries, testified in support of HB 74. He stated that geothermal energy is sustainable long- term, and the provisions in the bill changing the royalty structure would create stability for geothermal energy. 10:40:32 AM CHAIR RAUSCHER closed public testimony on HB 74 after ascertaining nobody else wished to testify. [HB 74 was held over.]