Lawmakers are trying to figure out the best way forward — and utilities say they have months, not years, to settle on a plan.
The Cook Inlet Natural Gas Storage Alaska facility in Kenai stores gas produced when demand is low, in the warmer months. The purchase agreement includes ENSTAR’s majority share in CINGSA.
The bills they’re considering to ease the crunch fall into a few buckets — one, making it cheaper for producers to pull gas out of Cook Inlet. There are a few bills aimed at lowering taxes and royalties, though it’s unclear how much royalty or tax relief would actually juice production. At a hearing earlier this year, the largest-by-far Cook Inlet producer, Hilcorp, told lawmakers it wasn’t sure whether they’d move the needle on investment decisions.
“The bill proposes a targeted incentive that will increase the project economics or improve the project economics for investing in another jack-up rig to be used in Cook Inlet to drill for and extract natural gas by providing a carry forward tax credit equal to the costs associated with leasing and transporting the rig to Alaska,” he said at a hearing introducing the bill.
“This is actually going on in the building right now. Between the governor’s office, the administration, the Senate, the producers, everybody is involved in the discussion right now,” Rauscher said at Thursday’s House Energy Committee meeting. “We don’t have 4,000 people in one room, no, but we do have people that are working on those specifics at this moment.”
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