AK HB390

Amends Alaska Energy Authority's purpose to include constructing, acquiring, financing, and operating power projects and facilities that recover and use waste energy.

Establishes the power project development fund as a revolving fund that may finance power projects generating more than 50 megawatts, with repayment of debt made from proceeds of power sales.

Requires the Authority to submit feasibility studies and financing plans for proposed projects to the legislature for approval before proceeding with engineering or design work, though preliminary work for Federal Energy Regulatory Commission licensing may proceed without approval.

Mandates power sales agreements include rate reopener provisions at least every 15 years and limits bond repayment schedules to a maximum of 50 years.

Requires projects designed and constructed by the Authority to be completed as public works of the state, with all power revenues transmitted to the state general fund except funds pledged for bonds or used for project financing.