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Home My WebLink About2025-08-27 AEA Agenda and docs 813 West Northern Lights Boulevard, Anchorage, Alaska 99503 T 907.771.3000 Toll Free 888.300.8534 F 907.771.3044 REDUCING THE COST OF ENERGY IN ALASKA AKENERGYAUTHORITY.ORG Alaska Energy Authority Special Committee on Project Finance August 27, 2025, 9:30 AM AGENDA Dial 1 (888) 585-9008 and enter code 212-753-619#. See below for Public Comment guidelines. 1. CALL TO ORDER 2. ROLL CALL COMMITTEE MEMBERS 3. AGENDA APPROVAL 4. PUBLIC COMMENTS (2 minutes per person) see call in number above 5. OLD BUSINESS – None 6. NEW BUSINESS A. Project Finance Options Presentation 7. EXECUTIVE SESSION – Discuss confidential financial matters. 8. MEMBER COMMENTS 9. ADJOURNMENT Public Comment Guidelines Members of the public who wish to provide written comments, please email your comments to publiccomment@akenergyauthority.org by no later than 4 p.m. on the day before the meeting, so they can be shared with board members prior to the meeting. On the meeting day, callers will enter the teleconference muted. After board roll call and agenda approval, we will ask callers to press *9 on their phones if they wish to make a public comment. This will initiate the hand-raising function. We will unmute callers individually in the order the calls were received. When an individual is unmuted, you will hear, “It is now your turn to speak.” Please identify yourself and make your public comments. AEA FINANCE SUBCOMMITTEE MEETING Curtis W. ThayerExecutive Director AEA Board of DirectorsAugust 27, 2025 ALASKA ENERGY AUTHORITY AEA Finance Subcommittee Meeting | AEA BOD | August 27, 2025 2 Purpose: Discuss the financial status of large capital projects,and specific funding options Public SessionBackground and Overview Executive SessionReview Terms of Specific Finance Options Meeting Purpose and Plan AEA Finance Subcommittee Meeting | AEA BOD | August 27, 2025 3 Dixon Diversion Expand the Bradley Lake Hydroelectric facility by diverting water from the Dixon Glacier into Bradley Lake, increasing energy output by approximately 180,000 MWh/year and displacing 1.5 billion cubic feet of natural gas annually. Project components include a diversion dam, a 4.7-mile tunnel, reservoir modifications, and access road construction. Project status as of July 2025: Fiscal Year 2026 funding secured, environmental studies in progress; FERC feedback under review; Board of Consultants meeting planned for October; design work and permitting activities ongoing. Cook Inlet PowerLink ±100 kV High Voltage Direct Current transmission system connecting the Bernice Lake and Beluga substations across Cook Inlet, designed for transfer bidirectionally of up to 200 megawatts to improve grid stability, redundancy, and renewable integration. Project status as of July 2025:Cook Inlet PowerLink has completed its Preliminary Engineering Design Basis Report and environmental routing studies. The project now advancing into detailed design, permitting, and procurement, with early vendor engagement confirming feasibility and alignment with DOE GRIP program timelines Large Capital Projects AEA Finance Subcommittee Meeting | AEA BOD | August 27, 2025 4 AEA has secured initial funding for both projects, which are actively progressing through early development. However, substantial capital investment is still required to fully execute each initiative. Funding Status Overview Cook Inlet PowerLink Total cost: $413MM Funds raised to date: $270.7MM Funds still needed: $142.3MM Dixon Diversion Total cost: $361.7MM Funds raised to date: $19.7MM Funds still needed: $342MM AEA Finance Subcommittee Meeting | AEA BOD | August 27, 2025 5 $3,600,000 $6,850,000 $13,084,000 $99,280,000 $86,391,000 $106,521,000 $9,352,000 $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 2025 2026 2027 2028 2029 2030 2031 $618,243 $881,757 $63,825,000 $63,825,000 $100,330,977 $99,565,091 $41,896,396 $42,057,536 $- 2024 2025 2026 2027 2028 2029 2030 2031 2032 Dixon Diversion Groundbreaking: May 2027 Commissioning: December 2030 Additional Funding Needed: July 2027 Cook Inlet PowerLink Groundbreaking: January 2029 Commissioning: April 2032 Additional Funding Needed: July 2027 Construction Cost Timeline AEA Finance Subcommittee Meeting | AEA BOD | August 27, 2025 6Executive Session | EXECUTIVE SESSION