Loading...
HomeMy WebLinkAboutAEA Board Meeting Dec 9 2020Alaska Energy Authority BOARD MEETING MINUTES Wednesday, December 9, 2020 Anchorage, Alaska 1. CALL TO ORDER ALAS KA ENERGY AUTHORITY Chair Pruhs called the meeting of the Alaska Energy Authority to order on December 9, 2020 at 2:05 pm. A quorum was established. 2. ROLL CALL: BOARD MEMBERS Members present: Chair Dana Pruhs (Public Member); Vice -Chair Bernie Karl (Public Member); Julie Anderson (Commissioner DCCED); Anna MacKinnon (SOA-DOR), Albert Fogle (Public Member); Bill Kendig (Public Member); and Julie Sande (Public Member). Staff. Amy Adler, Jennifer Bertolini, Robert Hawkins, T.W. Patch, Tim Sandstrom (phone), Linda Senn (phone), Aimee Sudbeck (phone), Curtis Thayer, Kirk Warren (phone) (AEA); and Stephen Saldanha (phone) (Department of Law); 3. AGENDA APPROVAL MOTION: A motion was made by Mr. Kendig to approve the agenda as presented. Motion seconded by Mr. Fogle. The motion to approve the agenda passed without objection. 4. PRIOR MINUTES - October 28, 2020 MOTION: A motion was made by Mr. Fogle to approve the prior minutes of October 28, 2020, as presented. Motion seconded by Mr. Kendig. Ms. MacKinnon made a friendly amendment on page 5 of 13, to correct the typographical error of the date June 30, 2002, to the corrected date of June 30, 2020. There was no objection to the friendly amendment. The motion to approve the minutes of the October 28, 2020 minutes, as amended to correct the date of June 30, 2002, to June 30, 2020, passed without objection. 5. PUBLIC COMMENTS (2 minutes per person) Chair Pruhs expressed appreciation for everyone's patience today. He requested comments be limited to agenda items and be limited to two minutes. 7EDUCING-rF=STrF=ENMGY IN ALASKAM 813 West Northern Lights Boulevard, Anchorage, Alaska 99503 T 907.771.3000 Toll Free 888.300.8534 F 907.771.3044 Jennifer Bertolini, AEA, provided instructions that any person who would like to make a public comment to press Star-9 on the phone, which will initiate the hand -raising function. The person will then be notified when it is their turn to speak. Participants are requested to state their full name and affiliation. Ms. Bertolini reported that no public participants appeared on the system. Chair Pruhs noted that there were no public comments in the boardroom. Chair Pruhs closed public comments. MOTION: A motion was made by Mr. Fogle to enter into Executive Session to discuss confidential information related to Bradley Lake, Soldotna-Quartz Line, and Budget and Railbelt Energy Fund matters. Motion seconded by Mr. Kendig. The motion was approved without objection. 6. EXECUTIVE SESSION 2:14 pm Confidential matters related to Bradley Lake, Soldotna-Quartz Line, and Budget and Railbelt Energy Fund The Board reconvened its regular meeting at 2:17 pm. Chair Pruhs informed that due to technical difficulties, there were members of the public who were unable to request to speak. Chair Pruhs advised that the Board did not take any formal actions while in executive session. Without objection from the Board, Chair Pruhs requested to go back to Item 5. Public Comments. Ms. Bertolini requested any member of the public who would like to make a comment to press Star-9 to initiate the hand -raising function. Ken Castner informed that he received the message that the hand -raising function was turned off when he initially tried to telephonically raise his hand. He noted that his comments today are regarding the electrical availability between Homer and Fairbanks. Mr. Castner discussed if you set your goals too high, they become a failure loop. If the standard is going to be that we need to have a charging station every 50 miles, that is not going to be attainable. He believes a better goal is to have a charging station every 100 or 125 miles. Mr. Castner discussed the notion that there is always a better deal coming around the corner is a never-ending story and causes delays. He believes you should do the best you can with what you have at -hand, if you are going to move ahead. Mr. Castner discussed that besides obtaining the money necessary for the charging stations, other things can be done to smooth the process, including AEA coordinating with Regulatory Commission of Alaska (RCA) and the multiple utilities that are involved. He believes it is AEA's job to pull all of the involved parties together to work cohesively. Josh Kraft, Matanuska Electric Association (MEA), informed that his comments regard the electric vehicle charging infrastructure in association with the Volkswagen Settlement funds. Alaska Energy Authority Page 2 of 12 Mr. Kraft commented that MEA has studied the Alaska traffic counts and patterns and have identified locations that provide route enablement between Anchorage and Fairbanks, which give the greatest potential for conversion to electric vehicles (EV) within Alaska. MEA has coordinated with utilities, the public, and the private sector in the identification of potential host sites and has secured authorization from multiple private sector partners for the deployment of Level 3 charging infrastructure at their locations. Mr. Kraft believes it is important to note that a private sector EV enthusiast has already taken steps to install a public Level 3 charging station in Cantwell. Chevrolet of Wasilla has installed a Level 3 charging station at their dealership. MEA has facilitated conversations between their private partners, Golden Valley Electric Association (GVEA), and OEMs to determine the long-term ownership structure and financial burdens that will be assumed by the various stakeholders. The private sector partners are fully cognizant of the risks and costs associated with these projects. In true Alaskan entrepreneurial spirit, the partners are willing to provide land, long-term access, and capital to the project, in addition to the matching funds MEA would provide for any necessary system upgrades. Mr. Kraft discussed the initial planning for these projects could easily provide the 20% match required for the public projects under the Volkswagen Settlement rules. The research, analysis, and results of MEA's work has been provided to AEA staff, either through the EV Working Group or its predecessor, the EV Taskforce. MEA has brought together commitments from local governments, private sector dollars, and in -kind support from the electric cooperative. He believes this represents a unique opportunity for Alaska to create a charging corridor without any additional burden to the State's budget. AEA has a strong history of leveraging outside dollars to benefit Alaskans. MEA looks forward to the long- awaited RFP process to compete for the funds, and would like to maintain the momentum and cost -sharing partnership opportunities that have been created. Chair Pruhs asked Curtis Thayer, Executive Director, for the boundaries of Homer Electric Association (HEA) and Chugach Electric Association (CEA) service areas on the Sterling Highway. Mr. Thayer informed that basically the transmission line from the Sterling Substation to near Hope is HEA's service area, and CEA's service area is from Hope to Anchorage. Chair Pruhs asked Mr. Thayer if HEA or CEA have conducted studies regarding installment of charging stations. Mr. Thayer noted the studies have been conducted on the Railbelt area. Chair Pruhs commented that he assumes Mr. Thayer will inquire specifically with HEA and CEA regarding this issue. Dimitri Shein informed that he is the Executive Director of Alaska Electric Vehicle Association. The RCA has opened a regulatory proceeding and a technical conference is scheduled for December 22nd, 2020, to address issues regarding EV demand charges. Mr. Shein, once again, invited AEA to participate in this public process. The issue has been out for consideration for three years and AEA has never publically participated. Mr. Shein commented on the White Paper presented to the Board today, he noted that AEA claims that there are only 500 EVs in Alaska. Mr. Shein informed that it has been brought to Alaska Energy Authority 12 Page 3 of AEA's staff attention several time that there are almost 1,500 EVs in Alaska. This information is available on CEA's website and also can be easily obtained from DMV registration data. Mr. Shein explained that HEA and MEA have requested and confirmed the same data, including make, model, and Zip Code. Mr. Shein commented that AEA should not be providing inaccurate information to Alaskans and grant agencies alike. On the last DOE grant application, Tesla was providing $3.4 million in cost share with an additional cost share of $600,000 from other projects. With DOE matching funds, this amount equaled almost $8 million. Mr. Shein explained that the AEA VW match of $1 million was not the deciding factor in the DOE grant rejection. DOE rejected the grant based on the lead applicant's, AEA's, lack of experience in understanding EV charging and because the application was full of errors and omissions. AEA is competing with other state agencies for funding, who are able to point to successful installations and projects. AEA has not been able to install a single EV charger in four years with a million -dollar budget, which does not impress DOE or other funding agencies. Mr. Shein urged AEA to move forward with building charger sites and to acquire the experience and knowledge necessary to secure future funding. Mark Kelleher noted that he is a member of Tesla Owner's Club, which has approximately 290 members in Alaska. He informed that he reviewed the White Paper, in which one item was addressed by the previous commenter. Other corrections that are important for AEA's consideration include that Tesla Level 2 chargers are compatible with the J1772 with an adapter. Mr. Kelleher reported that HEA provided a 1772 adapter in Homer for a destination charger that was installed by a local company. He noted that HEA also has two 1772 chargers available; one in Homer and one in Kenai. Mr. Kelleher pointed out that in the notes for Tesla, it says Tesla has a CCS adapter for Level 3 charging. He informed that is commercially correct for European standard Teslas, which are not sold in the United States. At present, there is not a CCS adapter for Tesla. Mr. Kelleher discussed the new Hummer EV is not being provided for sale in Alaska, which is partly due to lack of availability of charging infrastructure. Mr. Kelleher encouraged the partnering with Tesla, if possible, as they have a very developed system and there are over 350 registered Teslas in Alaska currently. He looks forward to action with the VW funds through AEA. Ms. Bertolini informed that there are no other public comments appearing on the system. Chair Pruhs closed public comments. MOTION: A motion was made by Mr. Fogle to enter into Executive Session to discuss confidential matters related to Bradley Lake, Soldotna-Quartz Line, and AEA Budget, and Railbelt Energy Fund matters. Motion seconded by Mr. Kendig. The motion was approved without objection. EXECUTIVE SESSION 2:30 pm Page 4 of Alaska Energy Authority 12 The Board reconvened its regular meeting at 3:37 pm. Chair Pruhs advised that the Board did not take any formal action on matters discussed while in executive session. 7. NEW BUSINESS - Proposed legislation regarding the Railbelt Energy Fund Mr. Thayer requested to postpone Item 7. There was no objection. 8. OLD BUSINESS - Transmission Line Projects (SSQ Line) A. Contingency Update - Memo Mr. Thayer discussed that there were six contingencies placed on AEA's original resolution approval to purchase the SSQ Line. The first contingency to get a determination of required project work from the Department of Law was obtained and the memo is included in the Board packet. Additionally, an independent analysis was conducted that determined this is required project work. The independent analysis is included in the Board packet. Mr. Thayer explained the second contingency was the receipt of working permits, including acceptable buffer zones for authorization to use and occupy certain lands in the Kenai National Wildlife Refuge for the SSQ Line. Mr. Thayer informed that there is a separate memo included in the Board packet addressing this contingency. Transfers have occurred from DNR, the Mental Health Trust, a segment of line from the Kenai Peninsula Borough, CIRI, and other private land owners. Staff is currently working with the U.S. Forest Service regarding indemnification. Additionally, staff is discussing the prudent utility use of the 100-foot right- of-way with U.S. Fish and Wildlife Service. Homer Electric Association (HEA) does have a current and active permit, which they will maintain until such time that it is transferred to AEA. The 100-foot right-of-way allows for upgrades. Mr. Thayer is hopeful an agreement can be made within a month. Mr. Thayer discussed that the third contingency is the execution by the utilities of the Definitive Agreements and Conditions of the Proposed Transactions. Those were completed on December 2°d, by the BPMC, and are included in the Board packet. Mr. Thayer explained that the fourth contingency regarded the amendments in the various project agreements by the participating utilities' terms. The supporting documents are included in the Board packet. Mr. Thayer discussed the fifth contingency approval of the financing term sheet by the Authority's Board of Directors, the BPMC, and the participating utilities' Boards. Mr. Thayer highlighted that this Board particularly wanted to include that all capital upgrades to the SSQ Line are to follow procurement guidelines, including competitive bid. This was approved by all parties. Mr. Thayer discussed the last contingency related to the issuance of bonds to finance the qualified acquisition, cost of the proposed transaction, funding of necessary reserves, and payment of the cost of issuance. This has been identified to bond counsel and will be completed at the closing, by December 17th. All of the agreements are in place. Alaska Energy Authority Page 5 of 12 Mr. Thayer reminded the Board that there was an issue last year during the fire concerning the right to enter the property. The agreements now include the statement that AEA has the right to direct repair and upgrades. Maintenance contracts with HEA are ongoing and can be renegotiated within the next two years. However, as AEA is the owner of the project, AEA has the right to direct HEA to repair or upgrade the Sterling segments. If HEA is unable to complete any work requests by the date -certain, AEA shall have such work completed without further notice. A Board member asked if Mr. Thayer has any outstanding concerns. Mr. Thayer noted that he does not. Mr. Thayer explained the issues that have arisen have been resolved by the parties. He described a minor language discrepancy at the end of the lawsuit that has been addressed and the lawsuit will be concluded within 30 days, dismissed with prejudice. B. Resolution 2020-08 - Resolution Providing for Sale of Revenue Bonds i. BPMC Resolution 20-05 Authorizing the Financing of the Transmission Line Projects and Related Matters (executed) ii. Substantially final form of Ninth Supplemental Resolution iii. Substantially final form of Loan Agreement (BPMC Approved 12/2/2020) Mr. Thayer advised that Resolution 2020-08 provides for the sale, not to exceed $17 million, of Alaska Energy Authority Power Revenue Bonds 10th Series, Transmission Line Projects, authorizing and adopting the Ninth Supplemental Resolution by and between the Authority, US Bank National Association, as the trustee, to secure said bonds, authorized the execution of the loan agreement between the Authority, purchaser of the said bonds, delegating certain authority to the Chair, the Vice -Chair, the Executive Director, the Chief Financial Officer, and Acting Chief Financial Officer, and providing for relicense matters. Mr. Thayer reported that the supporting documents are included in the Board packet. He requested favorable consideration to Resolution 2020-08. The closing date for the transaction is December 17th, 2020. A Board member asked Mr. Thayer to state for the record what this transaction will mean for the rate payers of Alaska. Mr. Thayer expressed that this transaction helps with the alignment of the transmission line. AEA's ownership is overseen as part of the Bradley Lake Project and will allow for line upgrades, support for additional capacity, and prevent line loss as it feeds the northern utilities. Purchasing this line will facilitate lowering the cost of Railbelt energy in the future and being able to transport cheaper power as far north of Fairbanks. This supports AEA's mission to lower the cost of energy. Page 6 of Alaska Energy Authority 12 MOTION: A motion was made by Mr. Fogle to approve the proposed Resolution 2020- 08 Providing for Sale of Revenue Bonds. Motion seconded by Ms. Sande. Chair Pruhs asked if anybody wished to declare a conflict. Mr. Kendig informed that he has a conflict because he is on the MEA Board. Chair Pruhs noted the conflict and advised that Mr. Kendig will be excused from the vote. A roll call was taken, and the motion to approve Resolution 2020-08 passed unanimously, with Mr. Kendig excused. C. Resolution 2020-09 Resolution of the Alaska Energy Authority Approving Agreements Related to the Transmission Line Projects i. BPMC Resolution 2020-06 Limited Scope of Amendments to Bradley Lake Agreements and Project Transmission Line Operatiag Protocols • Purchase and Sale Agreement (executed) • Memorandum of Proposed Transaction • Second Amendment to HEA Capability Agreement • First Amendment to Transmission Facilities Maintenance Agreement MOTION: A motion was made by Vice -Chair Karl to approve the proposed Resolution 2020-09, a Resolution of the Alaska Energy Authority Approving Agreements Related to the Transmission Line Projects. Motion seconded by Ms. Sande. Chair Pruhs asked if anybody wished to declare a conflict. Mr. Kendig informed that he has a conflict because he is on the MEA Board. Chair Pruhs noted the conflict and advised that Mr. Kendig will be excused from the vote. A Board member commented on the continued need for the improvement of public communication by staff describing the good work that the AEA and AIDEA Boards do for Alaskans. He wanted to know what sort of public fanfare will occur to acknowledge the closing of this sale. Mr. Thayer reported that there will be a press release, two newspaper op-ed pieces within 30 days, and an Executive Director approved social media posting on Facebook. Chair Pruhs suggested that Mr. Thayer also participate in community Zoom meetings to explain this action and the benefits it will bring to those affected community. Mr. Thayer agreed. Alaska Energy Authority Page 7 of 12 A roll call was taken, and the motion to approve Resolution 2020-09 passed unanimously, with Mr. Kendig excused. 9. DIRECTOR COMMENTS A. Response to Board Questions Mr. Thayer discussed the questions proposed by Board members; including the potential cost of the SSQ Line being down in the winter, the rate of return inquiry from Vice -Chair Karl, the status of the generator that was not installed by the Alaska Native Health Consortium, the employee policy, the utility award and how to tie that in with the Rural Programs and PCE-compliant communities. B. EV Update -- VW Settlement & EV Corridor Mr. Thayer informed for the record that the VW Settlement mitigation trust is about $1.25 million. AEA is the designated agency to send the money through a court with Board Trustee approval on expenditures. Mr. Thayer noted that according to the DMV, there are 501 registered EVs in Alaska, with 36 unknown out of state registrants. A chart with the breakdown of state geographic location is provided. Mr. Thayer discussed AEA has a Working Group that participates with the utilities, Alaska Electric Vehicle Association, DEC, State Department of Transportation (DOT), and others. Public outreach has occurred, including two ride -and -drive events, two EV fleet demonstration projects. Covid-19 restrictions have caused additional public outreach to be cancelled. Mr. Thayer reported on discussions regarding a statewide fast -charging network from Fairbanks to Homer. The intent is to stay within the Federal Highway Administration's corridor and their designation criteria working with DOT. This does differ from other people's opinion. Additional information is included in the Board packet. T.W. Patch, AEA, informed that staff received an inquiry this afternoon from DOT asking if AEA would participate in an effort to get Alaska designated as an EV corridor. Mr. Patch believes this has appeal and expects additional reports to be provided in the future. C. Renewable Energy Fund --- Update Mr. Patch advised that a solicitation for applications was made this year. There were 21 applications received. Five of the applications were rejected at a Stage One review because they did not comply with the requirements for a complete application. Staff is engaged in a review of Stage Two and Stage Three processes of the remainder 16 applications. To -date, three of the 16 applications have been rejected for failing to meet an acceptable score. The Governor is in the process of reviewing the candidates whose names have been submitted for selection through the Renewable Energy Fund Advisory Committee (REFAC). Alaska Energy Authority Page 8 of 12 Mr. Patched informed that staff is engaged in the preliminary ranking of applications and presentations of proposals to assist in the process and ultimate submittals to the Legislature on January 26, 2021. Of the 13 applications that remain under consideration, the total amount being sought is $9.7 million. The current fund has approximately $7 million. AEA's objective is to fairly and comprehensively evaluate the applications as they are presented and to make discernible and defensible recommendations both to the REFAC and to the Legislature. D. C-Pace Update --- Municipality of Anchorage Mr. Patch informed that ordinances passed unanimously, and the city of Anchorage now has a C-Pace program. The two other target cities are Juneau and Fairbanks North Star Borough. There has been a change in the governmental administration in the Fairbanks North Star Borough, and therefore, they have declined at the present time to proceed to adopt a C-Pace program. Staff has turned its efforts to the Matanuska Susitna Borough and has engaged with members of the Assembly to determine interest. Another meeting is scheduled with members of the Assembly this month. Mr. Patch expects to engage with Juneau representatives before the end of the year to discuss interest level and timeline. E. AEA 4th Quarter Organizational Chart Mr. Thayer advised there are no changes to the included AEA 4th Quarter organizational chart included in the Board packet. F. Rural Update Mr. Thayer informed the AvTech training has been postponed due to Covid-19. The inventory and assessments have slowed due to Covid-19. Mr. Thayer noted Tuluksak has purchased two bulk fuel tanks. AEA is working with Tuluksak and the State Fire Marshall to help Tuluksak become compliant. Mr. Thayer noted that a section outlining the rural programs funding is included in the Board packet. G. Denali Commission Update Mr. Thayer stated that funds have been added to one of the bulk fuel plants. Additional funding is expected and will be included on the next report. The new Executive Director of Denali Commission is yet to be approved by the Department of Commerce. H. Power Project Fund Dashboard and Loan Report Mr. Thayer updated that the only delinquency on the report has since been paid and is not an unusual occurrence. Mr. Thayer highlighted that staff checked in with the Hiilangaay Hydro Project after the recent winter storm and the dam sustained no damage and has no issues. Snettisham Hydro Project also sustained no damage. Mr. Thayer advised that King Alaska Energy Authority Page 9 of 12 Cove requested a loan reduction as allowed within statute. The loan decreased 137 basis points to the current prevailing rates of 2.93%. I. Community Outreach Engagement Mr. Thayer informed that staff recently conducted a Zoom meeting with the City of Seward and discussed Bradley Lake and the purchase of the SQ Line. J. Articles of Interest Mr. Thayer reported that the red plaque, as shown in the Board packet, will be affixed at Battle Creek. He expressed appreciation to everyone involved in the project. Mr. Thayer advised that the project is shut down for the winter, as planned, but the total amount of water moved this fall was at least double the amount originally estimated. Mr. Thayer expressed appreciation to Board members for their patience since the fire in July 2019, when staff was charged with finding a different way to operate and own the line. With the Board's actions today and by next week, AEA will own the line, with all the utilities in agreement. Mr. Thayer thanked staff for their efforts in working together on the successful project closing. K. Next Regularly Scheduled AEA Board Meeting Wednesday, January 13, 2021 Chair Pruhs requested clarification of the next meeting scheduled January 13, 2021. Mr. Thayer explained that there were inadvertently two different dates for AEA and AIDEA meetings scheduled in January, the 6th and the 13th. Mr. Thayer informed that AEA and AIDEA are in alignment with meeting dates for the rest of the 2021 year. Chair Pruhs indicated he has a scheduling conflict with the January 6th meeting date. 10. BOARD COMMENTS Mr. Kendig congratulated Mr. Thayer and staff for the SQ Line endeavor and historic success with aligning the utilities. He hopes efforts are dedicated to upgrading the line and eventually adding another line in order to reduce energy cost for the people on the Railbelt and to reduce the carbon footprint. Mr. Fogle echoed the comments of Mr. Kendig for the excellent job, to include saving rate payers additional future legal fees, reducing the cost of energy, and fulfilling AEA's mission. Commissioner Anderson echoed the previous comments of appreciation to staff. Commissioner Anderson expressed her commitment to help fill any vacant positions as quickly as possible and to help streamline the process. Alaska Energy Authority Page 10 of 12 Vice -Chair Karl commented that there are no simple solutions, only intelligent choices, and he believes Mr. Thayer has made many intelligent choices and is doing a very good job. Vice - Chair Karl expressed appreciation for staff s efforts and congratulated them on their success. Ms. Sande echoed the previous comments of appreciation and congratulations. She noted that it has been impressive to watch Mr. Thayer lead an incredible team. Mr. Thayer expressed appreciation to the Board for selecting Alan Weitzner as the Executive Director of AIDEA. Mr. Thayer emphasized that much of the progress was due to AIDEA's successful partnership. Ms. MacKinnon stated she would like to associate herself with all the other comments from the Board to congratulate the staff and Mr. Thayer on a job well done, especially considering all the information included in today's agenda. Ms. MacKinnon expressed hope that the general public understands the benefits that should come directly to each household along the Railbelt based on these accomplishments on behalf of the shareholders, the people of Alaska. Ms. MacKinnon thanked the Board members for their service. She informed that she has served on different boards at different times and she commented this Board is dedicated, prepared, and considerate. Ms. MacKinnon acknowledged that the agendas consistently contain a significant amount of information for each meeting. Ms. MacKinnon thanked the general public for their testimony. Ms. MacKinnon expressed support of Mr. Thayer. Additionally, she expressed support for those that are testifying to the Board regarding electric vehicles and the VF Settlement. Ms. MacKinnon expressed support for the charging stations along the corridor. She advised that the issues are complex and there are many different interests. Ms. MacKinnon commented that she will be looking for recommendations from Alaska's EV Working Group. She encouraged the public to continue to work through the process that AEA has provided for the use of the VW funds. Ms. MacKinnon informed that she will be watching and asking Mr. Thayer about the money, as referenced in some of the original stakeholder comments. Ms. MacKinnon believes this meeting has been very productive and expressed appreciation for Chair Pruhs' leadership. She wished Merry Christmas and happy holidays to all, with deepest respect for everyone's religious beliefs. Ms. MacKinnon noted that her hope is that vaccines will be forthcoming to all who want to take them, that we can return to some kind of normalcy, and that the health of Alaskan families are kept safe during these winter months. Vice -Chair Karl wished everyone a Merry Christmas and a Happy New Year. Chair Pruhs agreed that today's meeting was very productive. Including the previous Board meeting earlier today, AEA has affected $34 million in making a difference in the state of Alaska, including the dividend and the SQ Line, all of which have direct benefits to the shareholders. Chair Pruhs encouraged Mr. Thayer and Mr. Weitzner to work together to disseminate this information to Alaskans. Chair Pruhs acknowledged credit for the success Alaska Energy Authority Page 11 of 12 is due to both the staff of AEA and AIDEA. He expressed congratulations for their efforts in making this $34 million difference in the community. Chair Pruhs stated he is proud of the accomplishments. He serves on this Board to make a difference and he believes that has been accomplished today. Chair Pruhs stated he looks forward to working towards making the $80 million upgrade come to pass. He encouraged everyone to think out of the box for completion and projects. Chair Pruhs wished all a Merry Christmas and happy holidays. 11. ADJOURNMENT There being no further business of the Board, the AEA meeting adjourned at 4:21 pm. Curtis W. Thayer, Executive Director/Secretary Alaska Energy Authority GORPORq SEAL -� ' r97B Alaska Energy Authority Page 12 of 12