SB 42 Summary

• Increases Alaska Energy Authority quorum requirement from three to four directors for conducting official business.

• Adds new power to the Alaska Energy Authority to acquire a Susitna River power project through construction, purchase, gift, or lease, including acquiring property rights by eminent domain.

• Requires the Alaska Energy Authority to prepare and submit an annual report on the status of the Susitna River power project to the legislature by the first day of each regular session.

• Expands the definition of "feasibility study" to include engineering and design work meeting Federal Energy Regulatory Commission license application requirements for proposed hydroelectric projects.

• Authorizes the Alaska Energy Authority to loan up to $11,000,000 from the power project fund for the Haida Energy Reynolds Creek hydroelectric project and up to $5,000,000 for the Cordova Electric Cooperative Humpback Creek hydroelectric project.