HomeMy WebLinkAboutAEA Board Minutes Jan 18 2023Alaska Energy Authority.
BOARD MEETING MINUTES
Wednesday, January 18, 2023
Anchorage, Alaska
1. CALL TO ORDER
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ALASKA
ENERGY
AUTHORITY
Chair Pruhs called the meeting of the Alaska Energy Authority to order on January 18, 2023, at
8:30 am. A quorum was established.
2. ROLL CALL BOARD MEMBERS
Members present: Chair Dana Pruhs (Public Member); Vice -Chair Bill Kendig (Public Member);
Albert Fogle (Public Member); Adam Crum (Commissioner DOR); Julie Sande (Commissioner
DCCED); Bill Vivlamore (Public Member); and Randy Eledge (Public Member).
3. AGENDA APPROVAL
Chair Pruhs requested that the people in the boardroom introduce themselves and state their
affiliation. There was no objection and the attendees introduced themselves. Jennifer Bertolini,
AEA, also introduced the attendees participating via Teams.
MOTION: A motion was made by Vice -Chair Kendig to approve the agenda, as presented.
Motion seconded Mr. Vivlamore.
The motion to approve the agenda passed without objection.
4. PRIOR MINUTES - December 19, 2022
MOTION: A motion was made by Vice -Chair Kendig to approve the prior minutes of
December 19, 2022, as presented. Motion seconded by Mr. Vivlamore.
The motion to approve the minutes of the December 19, 2022, passed without objection.
S. PUBLIC COMMENTS (2 minutes per person)
There were no members of the public online or in -person who requested to comment.
6. NEW BUSINESS
A. Power Cost Equalization Endowment Presentation
Curtis Thayer, Executive Director and Secretary -Treasurer, informed that this item is a follow-up
from a Board request to have a presentation by the Department of Revenue (DOR) regarding the
Power Cost Equalization (PCE) Endowment. By statute, the Endowment is managed by the
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Commissioner of Revenue. Mr. Thayer introduced Zachary Hanna, Chief Investment Officer (CIO),
State of Alaska, to review the presentation included in the packet. Mr. Hanna described the
presentation as a an executive summary of the Department's asset allocation process, the PCE
fund performance, and the impact that downside risk could have on assets and spending. He
noted that the appendix to the presentation contains a market review for additional information.
Mr. Hanna indicated that the presentation is intended to be a summary discussion and that
continued dialog is welcome to continue over time.
Mr. Hanna discussed the background of the Treasury Division as shown on page two. Nearly $50
billion in assets are managed and 80% of that is for the Alaska Retirement Management (ARM)
Board. Approximately $8 billion is under the fiduciary direction of the Commissioner of Revenue,
including the PCE assets, and approximately $300 million is managed for other State fiduciaries,
such as Alaska Mental Health Trust, Exxon Valdez Oil Spill Trust, and Alaska Student Loan
Corporation. Setting investment policies and asset allocation for State funds are key fiduciary
duties for the Commissioner of Revenue. An asset allocation process is conducted annually. The
investment policies for each fund are based on factors such as time horizon, return objectives,
liquidity needs, and capacity for loss. Mr. Hanna noted that performance, investment policy and
asset allocations are discussed quarterly in a transparent process with an independent
professional investment advisory committee. All the meeting minutes and materials are publicly
available on the website.
Mr. Hanna informed that Callan is the investment consultant for both the ARM Board and Alaska
Permanent Fund Corporation (APFC). Callan is not a consultant for the State. However, the State
uses Callan's independent capital market long-term assumptions for consistency, coupled with
other market inputs. Mr. Hanna described the yearly process by which potential changes are made
to the set of asset classes used to construct State portfolios, as shown on page six.
Mr. Hanna explained that even though the Securities and Exchange Commission (SEC) changed
its accredited investor definition in 2021 to allow State funds to purchase illiquid assets like private
equity and private real estate, the State portfolios still do not invest in illiquid asset classes because
the State funds are subject to annual legislative changes. The portfolios are focused on delivering
market -plus returns without downward deviations in the mid-term time horizon.
Mr. Hanna reviewed the current Investment Policy for the PCE portfolio shown on page seven. He
discussed that statute calls for the Commissioner of Revenue to apply the prudent -investor rule
and invest the assets of the fund considering the preservation of the purchasing power over time,
while maximizing the expected total return. Mr. Hanna explained that since PCE has a long time
horizon, the portfolio can take some volatility in the pursuit of maximizing expected return and
preserving the purchasing power. Thus the recommended and adopted portfolio is 70% domestic
equity and 30% core bond portfolio. This is the highest risk and return portfolio that can be used
for State assets.
Mr. Hanna discussed that per statute, PCE uses three-year smoothing. The degree of asset
smoothing impacts spending volatility. There is a natural tension between current spending and
inflation proofing the portfolio. Mr. Hanna reviewed the year-to-date through November 30, 2022
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capital market performance update shown on page nine and the portfolio performance shown on
page 10. It was a very challenging year for almost all asset classes due to inflationary concerns
and rising interest rates. Only cash and commodities provided a positive return over the period.
Both fixed income and equities provided similar double-digit losses to portfolios.
Mr. Hanna noted that the table on page 10 shows the PCE portfolio performance over the last 10
years. The assets have been managed for decades and longer -term performance numbers are
available. The loss for the one-year period was negative 10.31 %, compared to the benchmark loss
of negative 10.56%. The portfolio is expected to perform similarly to the benchmark and hopefully,
outperform the benchmark by an additional 10 to 20 basis points. Over the past 10 years,
performance has been 6.76%, with modest excess returns compared with the benchmark. Mr.
Hanna discussed the underlying performance of each asset class of the PCE portfolio as shown in
the second table on page 10.
Mr. Hanna commented that the portfolio is performing within the bounds of expectations of its
asset allocation. He discussed that continued market volatility is expected in 2023 as the tug of
war between inflation and growth persists. The December monthly returns for equities were down
6%, and the PCE funds were down 2.91 %.
Chair Pruhs asked if the PCE portfolio has investment restrictions. Mr. Hanna agreed, and noted
that even though the portfolio can now invest in alternative investments, it becomes problematic
because the Legislature can make changes annually. He discussed that the portfolio needs to have
fairly liquid investments in order to ratchet those changes.
Chair Pruhs noted that AEA, with the Board's concurrence, recently approved $160 million of
bonding at 6.06% that is backed by the Railbelt utilities for project work. He asked if DOR
purchased any of those bonds or if they have the ability to invest in themselves and purchase any
of those bonds. Mr. Hanna discussed that the bonds that the State currently invests in have high
forward rates of return similar to the referenced AEA bond issuance with similar risks. He does not
know specifically if the AEA bonds could be considered, although, he believes it is possible. Mr.
Hanna discussed that a separate process is undertaken for investments that are considered non -
routine.
Chair Pruhs requested that DOR inform and make AEA staff and the Board aware of DOR's
investment parameters for future investment opportunities. Mr. Hanna agreed. Chair Pruhs
commented that he directly relates PCE with stable rates of return to support rural Alaska Power
Cost Equalization and believes it would benefit the State to invest in its reliable revenue streams.
Mr. Hanna noted additional work can be directed to this line of questions.
Mr. Hanna continued the presentation on page 12 regarding asset allocation, real returns, and
downside risk of the portfolio. He discussed that one characteristic of capital market expectations
for the past 10 years is that returns have fallen along with interest rates. Now that interest rates
have increased dramatically, the effect on performance has been negative, but the increase will
have a positive impact on forward expectations. The expected 10-year compounded return for
PCE for FY23 was 5.6%. For FY24, this is expected to increase to 6.59%. Mr. Hanna reviewed the
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downside risk statistics and noted that the three-year 5% probable annual return is negative 9.2%
for FY23. He explained that the information contained in the chart provides reasonable statistical
downside expectations for the portfolio.
Chair Pruhs asked what the downside risk expectations were for FY22. Mr. Hanna noted the
expectations for FY22 were very similar to the FY23 expectations. He discussed that Callan's capital
market assumptions did not change much, but that PCE underwent two changes; including the
used of the Prudent Investor Rule. The expected 10-year return for FY22 was 5%. The expected
10-year return of 5.6% for FY23 was due to a reasonable increase in the amount of equity in the
portfolio.
Mr. Hanna reviewed that the long-term real return statistics show the projected total return after
accounting for inflation expectations. The statute calls for the consideration of inflation proofing
the portfolio. The real return for FY24 is expected to be approximately 4.09%. Spending beyond
this level could result in a less than full inflation proofing of the portfolio at Callan's expected 2.5%
inflation assumption. Mr. Hanna discussed the chart on page 13 showing the historical market
drawdowns and rolling one-year, three-year, and five-year smoothed returns of a similar 70%
equity and 30% bond portfolio over the past 40 years. The frequency of drawdowns impacts the
planning strategy.
Mr. Hanna discussed the spending limits as shown on page 14. For FY24, the three-year smoothed
maximum appropriation limit is $54.9 million. The appropriations have increased from $31.6
million in 2015 to the current, all-time high level. Mr. Hanna reviewed that DOR does not make
forecasts regarding the direction of markets, however, if markets remained flat for the next 2.5
years, and PCE continued to spend at the statutory limit, the FY27 spending limit would be $46
million. This is approximately 16% less than the FY24's spending limit.
Chair Pruhs asked if it would make a difference to the outcome if the smoothing was five years
rather than three years. Mr. Hanna agreed, and estimated that a five-year smoothing average
would reduce the reduction by approximately 3.5%. He explained that five-year smoothing is the
industry norm for endowments and PCE uses three-year smoothing. Mr. Hanna discussed that the
expected spending reductions over three-year periods is approximately 20%, given the investment
structure of PCE.
Chair Pruhs asked for the DOR position regarding three-year smoothing and five-year smoothing.
Mr. Hanna noted that five-year smoothing is best practice and three-year smoothing is a
reasonable practice as well. He does not believe that the change from three-year smoothing to
five-year smoothing would have a dramatic effect. However, if prospective legislative changes
were to occur, DOR would recommend changing from three-year smoothing to five-year
smoothing. Chair Pruhs indicated that the Board would support a resolution recommending the
change if it makes economic sense to do so.
Commissioner Sande expressed appreciation for the presentation.
Mr. Fogle expressed appreciation to Mr. Hanna for the update and presentation. Mr. Fogle asked
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Mr. Thayer regarding communication to the participants and if they have been made aware that
the funding is on a negative trend. Mr. Thayer reported that the information provided by DOR has
been given to the Alaska Power Association and others. They are aware of the negative trend. Mr.
Thayer informed that last year, the Legislature increased the amount of PCE kilowatt hours (kWh)
per customer from 500 kWh to 750 kWh, which gives the Legislature a larger draw on the PCE
program. The Legislature did not provide additional funds into the PCE program.
Chair Pruhs expressed appreciation to Mr. Hanna for the presentation. He commented on the
interesting decision last year to increase the PCE amount to the private homeowners without
adjusting the smoothing from three years to five years. This puts pressure on the three-year
smoothing. There were no additional questions or comments.
B. Resolution No. 2023-01 FY24 Operating and Capital Budget Submissions
Ratification
Mr. Thayer explained that Resolution 2023-01 is the annual resolution for the Board to ratify the
Governor's submission to the Legislature for the FY24 Operating and Capital Budget. The
Operating Budget last year for FY23 was approximately $41 million. The proposed Operating
Budget for FY24 is approximately $58 million. The increased funding is primarily the result of the
change of PCE by 50%, from 500 kWh to 750 kWh. Other factors include the Legislature providing
an additional appropriation from the General Fund for $683,000 for the 5% cost of living increase
to all exempt employees, a technical insurance correction on State healthcare benefits, and
$958,000 for five infrastructure positions of two program managers, one grants administrator, one
procurement position, and one accounting technician.
Mr. Thayer discussed that the Capital Budget is approximately $74 million, comprised of the
Federal receipt authority of $46 million and the State contribution of $28 million. The total is less
than last year and additional Federal receipt funding is anticipated to be received in a
supplemental process that will need legislative approval. Mr. Thayer reviewed the spreadsheets
and charts provided in Attachment A. He noted that the internal Renewable Energy & Efficiency
Program has funding of $5 million and had not been funded in eight years. The Grants to Names
Recipients for Golden Valley Electric Association (GVEA) of $3 million is new to the Capital Budget.
It was requested by the Governor's Office to route through AEA.
Mr. Thayer highlighted that the two supplemental requests that are pending release for FY23 are
the Black Rapids Training Site Project for $12 million and the Infrastructure Investment Jobs Act
(IIJA) State Energy Program for $2.8 million. There were no questions or comments.
MOTION: A motion was made by Vice -Chair Kendig to approve Resolution 2023-01, FY24
Operating and Capital Budget Submissions Ratification, as presented. Motion seconded by
Mr. Vivlamore.
A roll call was taken, and the motion to approve Resolution 2023-01 passed unanimously.
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MOTION: A motion was made by Vice -Chair Kendig to enter into Executive Session to
discuss confidential financial matters related to the FY24 Budget, the immediate disclosure
of which would have an adverse impact on the Authority. This is supported by the Open
Meetings Act, AS 44.62.310, which allows a Board to consider confidential matters in
Executive Session. In this case, the Board believes these are subjects which would have an
adverse effect upon the finances of AEA or are protected by law due to rules protecting
personal privacy and certain business information. Motion seconded by Mr. Vivlamore.
A roll call was taken, and the motion to enter into Executive Session was approved
unanimously.
i. EXECUTIVE SESSION: 9:26 a.m. — To discuss confidential matters
related to the FY24 Budget
The Board reconvened its regular meeting at 10:22 am. Chair Pruhs advised that the Board did not
take any formal action on the matters discussed while in Executive Session.
7. OLD BUSINESS - None
8. DIRECTOR COMMENTS
A. Strategic Planning Discussion
Mr. Thayer noted that this item is a placeholder to schedule a date and location to conduct a
strategic planning discussion. He proposed that the date occur at the end of the legislative session.
Chair Pruhs suggested that the strategic planning session occur in Fairbanks during the Energy
Fair in August. He recommended that half a day is scheduled for AEA and half a day is scheduled
for AIDEA. Mr. Thayer indicated that he would provide Chair Pruhs with the specific dates. There
were no other questions or comments.
Mr. Fogle informed that he has to leave the meeting and will return around noon.
B. Power Revenue Bonds — closed 11/30/2022 (Updated Term Sheet Letter)
Mr. Thayer discussed that included in the packet is a memorandum from Fred Eoff, Financial
Advisor, summarizing the final terms for the $166 million Series 11 Bonds between AEA and
National Cooperative Services Cooperation (NCSC). The duration of the loan is 28 years. The Board
previously gave permission for additional negotiations to the terms, which were successful and
resulted in the interest rate being lowered by 46 basis points, the inclusion of the option to
refinance the 6.5% locked interest rate after 10 years, and the elimination of certain proposed
definitions of debt service and debt service coverage. The amortization scheduled is also included
in the packet. There were no questions.
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C. 2022 Final Audit and Federal Single Audit
Mr. Thayer indicated that the 2022 Final Audit and Federal Single Audit were approved at the
previous meeting and are included in the packet for informational purposes. There were no
questions.
D. Hydro Update
Mr. Thayer noted that the Hydroelectric Program Update provided by Bryan Carey, Director of
Owned Assets, is included in the packet and outlines the current status of the projects. Mr. Thayer
highlighted the Dixon Diversion Feasibility Project. It is located five miles from Bradley Lake on
State-owned land. The Initial Consultation Document (ICD) with the Federal Energy Regulatory
Commission (FERC) has been filed. AEA has provided Study Plans in response to Study Requests
and a public meeting was held on November 17, 2022. Public and agency comments have been
received. The project looks to be a viable opportunity for power. Mr. Thayer noted for the record
that a decision has not been made to move forward with the Dixon Diversion Project and
additional studies will occur in 2023 and 2024 to make the determination. The Governor has
included $5 million in the budget for the studies.
Mr. Thayer reviewed the Fivemile Creek Hydroelectric Project that is funded with a Renewable
Energy Funds (REF) grant of $3.4 million and a matching grant of $2.8 million from the Denali
Commission. He noted that Audrey Alstrom, AEA, is responsible for the project. Mr. Thayer
discussed the Godwin Hydroelectric Project that is located on Godwin Creek in Seward. Chugach
Electric Association (CEA) is currently performing the feasibility work on this small project. Mr.
Thayer mentioned the Jenny Creek Hydroelectric Project and informed that the Nuyakuk River
Hydroelectric Project in Dillingham has REF funding of $2 million for approved studies. He noted
that the Thayer Lake Project located near Angoon has unobligated REF funds of $4.9 million. Work
continues on the project and it has good potential. The cost of the project is challenging.
Chair Pruhs asked if staff's due diligence analysis of hydroelectric projects includes the permitting
process and possible legal challenges. Mr. Thayer agreed and asked Mr. Carey to respond. Mr.
Carey explained that during a review of the project, consideration is given to the permitting
process, and to whether the project is FERC regulated or State regulated. The FERC licensing
follows a different process that includes additional permitting and public engagement. Mr. Carey
indicated that highly controversial projects are not typically pursued, unless there is a tremendous
benefit that the project will provide a great amount of energy at a cost-effective rate.
E. Grid Resilience and Innovation Partnerships (GRIP) Concept Papers 1 (Railbelt
Backbone Reconstruction), 2(Battery Energy Storage /HVDCO), 3 (Railbelt), &
3 (Rural)
Mr. Thayer discussed the three Grid Resilience and Innovation Partnerships (GRIP) Concept Papers
provided for informational purposes. AEA partnered with the Bradley Lake Project Management
Committee (BPMC) Railbelt utilities for submission of the first two Concept Papers, GRIP 1 and
GRIP 2, which consist of a smart grid for the Railbelt and grid resilience for the Railbelt. Two
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Concept Papers were submitted for GRIP 3. The Railbelt Innovation Resiliency Project was also
submitted in partnership with the BPMC. The Rural Alaska Microgrid Transformation Project was
submitted by AEA under the diligent direction of Rebecca Garrett, Rural Programs Manager, and
her team. Mr. Thayer explained the process that the Concept Papers will be reviewed and if they
are accepted, the projects will be invited to compete nationally. Mr. Thayer does not anticipate
that all of the Concept Papers will be asked to compete. He noted that the congressional
delegation is aware of the process and AEA will review these Concept Papers with them tomorrow
to key in their support.
F. Required Project Work Update
Mr. Thayer noted that the projects that have been vetted and approved are the Sterling to Quartz
Creek transmission upgrade, the Bradley to Sterling transmission upgrade, and the three battery
storage systems. The bid to remove the old 69 kVa line for the Sterling to Quartz Creek
transmission upgrade was awarded to Lineworks, LLC. The plan is to begin to remove the line in
January with completion in the spring. Due diligence is being conducted on the battery energy
storage systems for the Kenai Peninsula and the specifications are still being developed for the
batteries for the other two regions.
Mr. Eledge asked how long of a section is the 69 kVa line. Mr. Thayer reported that the SSQ Line
is 39 miles, and the 69 kVa was an abandoned line that is not in service and next to the 115 line.
The removal of this line must be completed for the upgrade and was also a condition to access
the Refuge. All permitting is secured, including a 100-foot right-of-way that allows for the
upgrade.
G. State Energy Security Plan Update
Mr. Thayer discussed that the State Energy Security Plan is a requirement of IIJA. A $200,000 grant
has been received from Department of Energy (DOE) to complete the plan, which has been
contracted to ICF. The advisory committee meets regularly and has conducted interviews with
parties in both rural and urban Alaska. Audrey Alstrom, Director Alternative Energy and Energy
Efficiency, is leading the effort. ICF is expected to visit Nome, Kotzebue, and rural Alaska in order
to better understand the needs for drafting the plan. The plan is scheduled to be completed in
May, and will then go to the Governor for approval and submittal.
H. Rural Update
Mr. Thayer noted that the Rural Update is for informational purposes and was prepared by Ms.
Garrett. It highlights personnel training and upgrades to the rural power system and to bulk fuel
facilities.
Chair Pruhs asked for an update on the status of the infrastructure. Mr. Thayer indicated that with
inflation, deferred maintenance on bulk fuel facilities is now behind by more than $800,000. The
deferred maintenance on powerhouses is also behind by a greater amount. Mr. Thayer discussed
that supply logistics, waiting for equipment to be available, has caused issues and delays to
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projects.
Chair Pruhs inquired if the inventory assessment is current. Mr. Thayer agreed, and noted that a
multi -year contract has been procured to assess the 400 bulk fuel facilities. Additionally, in order
to receive PCE funding, an inventory of rural community buildings must be submitted. This will
occur simultaneous to the assessment of the bulk fuel facilities.
Chair Pruhs asked for an explanation as to who is the responsible party for clean-up and
replacement in the event that a containment breach occurs in a bulk fuel tank. Mr. Thayer
explained that the responsible party is different for each community. He noted that Alaska Village
Electric Cooperative (AVEC) is responsible for nearly 50 utilities. Inside Passage Electric
Cooperative (IPEC) is responsible for utilities in Southeast. AEA responds to emergencies for
approximately 45 communities that own their own facilities and tanks. However, AEA would
probably be tasked to be first on the scene for clean-up and replacement. Other State agencies,
such as Department of Environmental Conservation (DEC), could also be called in an emergency.
Chair Pruhs asked if those 50 communities have insurance coverage for such a scenario. Mr. Thayer
indicated that he does not know the status of their insurance coverage.
Chair Pruhs suggested that the risk to the State from a fuel spillage within those 45 communities
should be understood and that a protocol should be developed to identify what steps are taken
if a spill occurs and who will ultimately be financially responsible. Mr. Thayer agreed.
Chair Pruhs asked if AEA receives annual financial statements or balance sheet information from
independent power entities in rural communities. Mr. Thayer explained that information is
normally filed in May with the RCA. There were no additional questions.
I. Power Cost Equalization Update
Mr. Thayer announced that the long-term project manager has retired and that Tim Sandstrom,
Chief Operating Officer, has taken the lead until a new manager is identified. There was a backlog
of over 300 unprocessed payments. Staff has been successfully working on the Power Cost
Equalization (PCE) program and the backlog is now 100% current. Mr. Thayer anticipates that the
PCE Statistical Report will be completed in early February and subsequently shared with the
Legislature. He mentioned that the decrease in performance of the PCE endowment was discussed
earlier in the meeting. Mr. Thayer informed that the Utility Monthly Report (UMR) for the
communities of Klukwon and Chilkat have been combined because they are served by the same
utility. This provides a potential savings of $12,000.
Chair Pruhs asked if any communities are behind schedule on completing the PCE application. Mr.
Thayer noted that all qualified PCE communities determined by RCA are current, as they have 90
days to file. He is unaware if any communities have been denied by RCA. There were no additional
questions.
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J. Power Project Loan and Dashboard
Mr. Thayer discussed that there are 19 loans and no delinquencies. The uncommitted cash balance
is approximately $11.8 million. He informed that staff is following up with a couple of communities
who have decided not to receive their loans. There were no questions.
K. Denali Commission Update
Mr. Thayer identified that the total active awards is approximately $31 million. The total funding
remaining in active awards is approximately $13.8 million. Additional federal funding is anticipated
to be received in the upcoming funding cycle and will be complemented by the State match. There
were no questions.
L. Community Outreach
Mr. Thayer reviewed the Community Outreach report that itemizes the dates, locations, topics,
audiences, and presenters of AEA's public communication within the last six months. There were
no questions.
M. Articles of Interest — Included in the packet
N. Next Regularly Scheduled AEA Board Meeting Wednesday, March 1, 2023
MOTION: A motion was made by Vice -Chair Kendig to enter into Executive Session to
discuss confidential personnel issues. Motion seconded by Mr. Vivlamore.
A roll call was taken, and the motion to enter into Executive Session was approved
unanimously, with Mr. Fogle absent.
9. EXECUTIVE SESSION: 10:47 a.m. — Discuss confidential personnel matters
The Board reconvened its regular meeting at 11:59 am. Chair Pruhs advised that the Board did not
take any action on matters discussed while in Executive Session.
10. BOARD COMMENTS
Commissioner Crum expressed that he looks forward to working on the AEA Board while focusing
on Governor Dunleavey's priorities of economic development and opportunities to reduce the
cost of power.
Vice -Chair Kendig expressed appreciation to Mr. Thayer for the informative meeting.
Chair Pruhs thanked Mr. Thayer and staff for the good information and project updates during
the meeting.
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11. ADJOURNMENT
There being no further business of the Board, the AEA meeting adjourned at 12:03 pm.
Curtis W. Thayer, Executive Director
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