If a $55 billion project depends on sweeping property tax relief, Alaskans should question whether it can stand on its own.
FILE - Alaska Gov. Mike Dunleavy gestures while answering a question from a news reporter during a gathering of his cabinet Jan. 21, 2026, in Juneau, Alaska.
Dunleavy states, “A private developer stepped forward, signed binding agreements, hired contractors, found buyers in South Korea and Japan, and put real money on the table. ”with sellers ConocoPhillips, ExxonMobil, Hilcorp and Great Bear Pantheon, but as I understand it, they are preliminary agreements, not binding, long-form contracts.
“Binding” agreements with buyers in? They may be exploratory or preliminary, but they are not binding.
Glenfarne Alaska LNG signed a memorandum of understanding, or MOU, with 18 statewide building trades unions to serve as a framework to work toward a binding Dunleavy also states, “The Senate ... added a new corporate income tax on pass-through entities, imposed construction deadlines that have nothing to do with how a project like this gets built and inserted a forfeiture clause that will strip the developer of any compensation if the project falters. These amendments do not protect Alaska.
” I am grateful the Senate is doing the job its members were elected to do: protect the interests of Alaskans. The U.S. Senate should take note. I fully support the corporate income tax on pass-through entities. It’s fair, and it should apply toConstruction deadlines?
Whoa — if I’m investing money in a project, I sure want to know when I can receive the return on my investment. Who starts a project without a schedule and deadlines? Who would invest in such a project? A forfeiture clause that will strip the developer of compensation if the project falters?
To not have that clause is a classic definition of “privatize the profits, socialize the losses. ” And I’m not so sure that Glenfarne actually has “put real money on the table” because it is not releasing enough information for the Senate to actually know. I applaud the Senate for asking the real questions and taking measures to protect Alaskans.on this, is: Glenfarne needs property tax breaks to make this project feasible?
Are the municipal and borough property taxes actually so onerous as to make a $55 billion project — I don’t believe that number either — infeasible? Then maybe it’s not feasible in the first place.
Additionally, Glenfarne has agreements with Chugach Electric and Enstar to supply natural gas for the Railbelt at the same cost we will be paying to import it. How is that a savings to us? Why not, as my husband asks, run a rail spur up to the North Slope and deliver natural gas to the Railbelt and any other communities it can serve? That would be using our resources for Alaskans, providing jobs and energy.
I’d support this project being developed in a fiscally sound manner, but I don’t think we’re there yet. To the Alaska Senate, thank you, and please continue to do due diligence with our resources. Our future, and our children’s future, depends on you doing your job thoroughly.
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