GVEA Board Moves Forward on LNG Project
Fairbanks, Alaska: At Golden Valley Electric’s March board meeting, the Board of Directors unanimously approved a motion for GVEA’s management to finalize a natural gas fuel contract with Alaska Gasline Port Authority.
“This is a great project that will help lower our members’ electric bills by reducing the cooperative’s cost of fuel to produce electricity,” said Board Chairman Bill Nordmark. “There are built-in conditions to minimize any negative risks to our members.”
Golden Valley is the anchor-tenant in this 15-year fuel contract with AGPA. When finalized and the project is on-line in two years, GVEA anticipates saving nearly one million per month, in fuel costs.
“This project will be a bridge until a natural gas pipeline is built down the road,” said CEO & President Brian Newton. “It’s a major step in helping GVEA kick our oil habit.”
Golden Valley Electric Association is a member-owned cooperative owning and operating five power plants that provide power to nearly 100,000 Interior residents. In 2005, GVEA became the first utility in the state to adopt a Green Power Pledge and to offer SNAP – GVEA’s renewable energy program.
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Posted: March 30, 2010