Glenfarne Exec: Gasline Momentum ‘Is Real’
Photo Credit: Alaska Business
Two paths lie ahead for the Alaska liquified natural gas pipeline project: the Korean financing route and a private financing route. Common to both is a commitment to build the 800-mile gasline from the North Slope to Southcentral, according to Adam Prestidge, president of Glenfarne Alaska LNG.
“Momentum, like trust, is one of those things that takes time and effort and investment to build,” Prestidge told the Resource Development Council for Alaska (RDC) annual convention in Anchorage this week. “Picture a car speeding up, building that momentum as it speeds down the road. The driver’s task behind the wheel is to maintain that momentum through the twists and turns.”
Through Seoul or Juneau
The twists and turns run through Seoul and Juneau. The government of South Korea is studying the commercial viability of investing in the project through a framework involving the US Department of Commerce. The framework, announced at the White House in September, would provide an alternative to the path Glenfarne was pursuing six months ago, when the Alaska Legislature declined to reform taxes on property the 800-mile pipeline would cross.
Prestidge says the bill had become too complicated, when it failed to pass after three special sessions. However, property taxes would not be an issue under the Korean scenario.
A bilateral investment framework would make the US Department of Commerce a general partner in a Korea-US Strategic Investment Corporation, which would oversee a $200 billion portfolio of US infrastructure and energy projects. One of those, Project Star, is already underway to develop a $22.3 billion power plant in Texas.
A similar subsidiary, Project North, would be a special purpose vehicle for the Alaska LNG pipeline. It would acquire Glenfarne’s 75 percent stake, converting the company’s role into that of project manager; the other 25 percent would still be held by the state-owned Alaska Gasline Development Corporation. Under government ownership, according to Prestidge, the pipeline would be exempt from property taxes.
“We’re currently in detailed discussions with the [US] Department of Commerce on how to structure this project in order to facilitate that investment. We’re very enthusiastic about this option,” says Prestidge, calling it the fastest path. “Korean investment into this project, through the US Department of Commerce vehicle, would essentially mean an immediate FID [final investment decision] across the entire project and allow us to commence work almost instantly.”
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A slower path would be to wait for the Alaska Legislature to consider tax reform again in 2027. “I believe that this government has the power to control how quickly this project brings energy relief to Alaskans. We’ve had the debates; we’ve had the hearings. Now the future of this project rests with the legislature and a new governor,” says Prestidge. He urges newly elected officials to keep their eyes on the goal: “Unified leadership in the administration and the legislature creates a new window of opportunity.”
Prestidge told the RDC conference that he takes comfort in polls showing that Alaskans want the project, with more than 80 percent approval. “The approval rate for Alaska LNG is even higher than the approval rate for apple pie,” he noted.
Glenfarne had hoped to reach FID by the end of last year. Contractors were told to have equipment ready for construction this winter, toward a goal of completing Phase 1, for in-state use of gas, by the end of 2029.
At the RDC conference, Prestidge did not mention any alteration to the timeline, except to say that Glenfarne must await legislative and regulatory approval.
“Because these milestones are completely outside of our control, it makes it impossible for us to pinpoint exactly when FID will occur,” Prestidge said. “But we can be sure that under this private path forward, the timeline would be longer than it would be under a Commerce/Korea investment path forward.”
Either way, Prestidge assured the conference that gasline momentum is real.
