AK HB320

Removes royalty rate requirements from noncompetitive geothermal leases issued upon conversion from prospecting permits.

Eliminates royalty share as a bidding option for competitive geothermal lease sales, leaving only cash bonus and profit share options.

Removes provision crediting annual rental payments against royalties accruing for that year.

Repeals AS 38.05.181(g), which contained royalty specifications for geothermal leases.

Applies changes to geothermal leases and renewals entered into on or after the effective date of the act.