Hawker's Cook Inlet Recovery Act Signed Into Law - Cook Inlet Recovery Act, HB 280
HB 280, CIRA, aims to meet consumer demand for natural gas
Wednesday, May 12, 2010, Anchorage, Alaska – Governor Sean Parnell, R-Alaska, today signed House Bill 280, the Cook Inlet Recovery Act, into law. House Finance Committee Co-Chair Mike Hawker, R-Anchorage, and House Speaker Mike Chenault, R-Nikiski, sponsored the bill, which passed both houses of the legislature unanimously. Rep. Hawker released the following statement regarding its enactment.
“CIRA is part of the solution to declining availability of Cook Inlet gas and aims to ensure that there is adequate supply to meet consumer demand in the future.
“CIRA directly addresses this challenge by providing a regulatory framework for gas storage projects, greater access to tax incentives encouraging natural gas exploration, additional guidance for regulatory approval of long-term gas supply contracts for public utilities, and reducing the amount that the consumer will ultimately pay for gas that is stored for seasonal use.
“Increasing production and establishing large-scale storage facilities, which allow utilities to purchase gas when it’s plentiful and withdraw it when needed, are universally recognized as critical to ensuring that our communities’ peak winter demand for natural gas is met. Along with conservation and development of alternative energy sources, CIRA is an important part of providing the energy security that our communities need to ensure that our homes and businesses can keep the lights and heat on during the coldest winter days in the years to come.
“By taking action now, we can address this challenge before it becomes a crisis.”
CIRA takes effect immediately.# # #