Dunleavy introduces energy act to spur renewable fuels development

Kay Cashman

Petroleum News

On April 9, Alaska Gov. Mike Dunleavy introduced the Alaska Energy Independence Act (SB 123, HB 170) establishing a “tried and true method to spur sustainable energy development.”

The bill creates the Alaska Energy Independence Fund through which the Alaska Industrial Development and Export Authority, or AIDEA, will develop and market renewable energy loan programs and products for Alaskans, “catalyze the clean energy market in Alaska through private sector co-investment, and receive federal funds that may become available for clean energy development.”

The proposal includes an initial fund capitalization of $10 million that the governor thinks will further leverage and attract private sector investment.

“This bill and this concept is something all Alaskans can get behind because the focus is cheap, reliable energy opportunities that can benefit all Alaskans on both a micro- and a macro-level,” Dunleavy said. “With the state’s abundance of renewable fuel sources, like water, wind, and solar, Alaska is poised to be a leader in energy independence for its citizens.”

Modeled after similar programs nationwide, Alaska would become the 20th jurisdiction to develop this approach to financing clean energy.

“It will further increase access to affordable, local energy resources that keep energy dollars circulating in local economies, and create new jobs and businesses,” the press release from the governor’s office said.

- KAY CASHMAN