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Rep. Kawasaki's Reaction to TransCanada's Open Season Bid Announcement


KAWASAKI CALLS AGIA DEVELOPMENT POSITIVE NEWS

(Fairbanks) Representative Scott Kawasaki was on hand today as TransCanada Corp. released the first series of bids at the open season closure this afternoon. Though most of the information pertaining to the bids remains confidential to protect business plans, the volume and number of bids indicates that the process is moving forward as planned.

"It is great news for Alaskans." Kawasaki said of the bids. "I was about 5 years old when I heard gas was going to flow-it was 1980. We have come so far in the last few years to finally get North Slope gas to market."

TransCanada announced late Friday that multiple bids from major industry players and other potential shippers were submitted for proposal of the natural gas pipeline in Alaska. The closing of the open bid season and receipt of bids is a major step forward for the gas pipeline.

"There were plenty of people who said there wouldn't be any bids." Kawasaki said "I'm excited by so much interest in Alaska gas. It puts us back on top as "the energy state".

The Alaska Gasline Inducement Act or AGIA, set up the framework for proposals from private sector entities to build a pipeline and monetize gas on the North Slope. Several proposals were accepted and the Alaska Pipeline Project, a joint venture between TransCanada Corp. and Exxon Mobil Corp. was named the winner of the competitive bidding process. The proposal was started by Governor Sarah Palin and was approved by the Legislature by a nearly unanimous vote. Kawasaki served on both the key lawmaking committees-House Oil and Gas and the House Resources Committee in 2007 as the AGIA bill passed through the Legislature.

"Alaskans are ready to build the pipeline, America is ready to buy our gas and Fairbanksans deserve low cost energy to heat their homes and get this economy moving forward." Kawasaki said.

TransCanada Open Season began on May 1st, 2010 for 90 days and will close at 2:00 PM Alaska Standard Time on July 31st, 2010.

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