HomeMy WebLinkAbout2026-01-15 AEA Board Meeting Minutes813 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 January 15, 2026, 9:00 AM AGENDA
Dial 1 (888) 585-9008 and enter code 212-753-619#. See below for Public Comment guidelines.
1.CALL TO ORDER2.ROLL CALL COMMITTEE MEMBERS3.AGENDA APPROVAL4.PUBLIC COMMENTS (2 minutes per person) see call in number above5.OLD BUSINESSA.Project Finance Options6.EXECUTIVE SESSION – Discuss confidential financial matters.7.NEW BUSINESS8.MEMBER COMMENTS9.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 DirectorsJanuary 15, 2026
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
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 ($342,000,000)
Start of Construction: May 2027
Commissioning: December 2030
Target Date to Secure Funding: Q3 2026
Cook Inlet PowerLink ($413,000,000)
Start of Construction: January 2029
Commissioning: April 2032
Target Date to Secure Funding: Q3 2026
Construction Cost Timeline