Alaska Resource Review - Summer 2024

This gives geothermal developers access to more acreage and more time to explore, solving two key problems in the state’s existing program. DNR has worked unsuccessfully to get the geothermal changes for several years but has now achieved it. Another provision added to HB 50 brings underground natural gas storage under state regulation. This will ensure reasonable rates on gas stored for use by public utilities in privately-owned gas storage facilities. This is important in helping deal with coming shortfalls in gas supply. The language inserted in HB 50 was taken from HB 394, a bill sponsored by the House Resources Committee. Two other sections added to HB 50 include a provision granting free access to Cook Inlet seismic data owned by the state to explorers looking for new gas and language reinforcing the ability of the Alaska Industrial Development and Export Authority, or AIDEA, to help fund new oil and gas development with a focus on Cook Inlet. The seismic data language was taken from HB 257, sponsored by Rep. Tom McKay, R-Anchorage, and the AIDEA financing provision, called “reserve-based lending” was from HB 388, sponsored by the House Resources Committee, which is also chaired by McKay. www.AKRDC.org 15 VOLUME 1 | ISSUE 2 | SUMMER 2024 Gov. Mike Dunleavy signs carbon capture legislation into law in 2023.

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