Alaska AGIA Completeness Review Finalized

TransCanada Meets Statutory Requirements

January 4, 2008, Anchorage, Alaska – Alaska Governor Sarah Palin today announced that the State of Alaska has finished its completeness review of the five AGIA applications. The application from TransCanada Alaska Company, LLC/Foothills Pipelines, Ltd. (“TransCanada”) satisfied all of the mandatory requirements set out in AGIA. Thus, TransCanada’s application will move to the next phase, the evaluation phase, of the AGIA process.

AGIA requires that, before an application can be evaluated, it must first undergo a “completeness review” by the commissioners of Natural Resources and Revenue to determine whether it complies with the requirements of AGIA. Then, the commissioners must evaluate the application to determine whether it will sufficiently maximize the benefits to Alaskans and merit issuance of the exclusive AGIA license. The commissioners are now soliciting public comment to help them evaluate the TransCanada application and make that determination.

The five companies which had applied under AGIA to develop and build a natural gas pipeline to transport North Slope gas to market were: AEnergia LLC, the Alaska Gasline Port Authority, the Alaska Natural Gas Development Authority, Little Susitna Construction Company, Inc. (“Sinopec ZPEB”); and TransCanada. While TransCanada’s application was deemed complete, the commissioners determined that the other four applications did not meet the requirements of AGIA. Those applications will not be evaluated further.

“We have reached another important milestone in bringing our Alaska’s natural gas to market,” said Governor Palin. “We have long stated that it only takes one good application. We’re thrilled to have a project sponsor willing to build a pipeline on terms that benefit all Alaskans. Today’s result is tremendously satisfying.” Public review and comment will begin on January 5, 2008 and will last 60 days, closing March 6, 2008. The public may review all applications received and provide comments to assist the commissioners in their determination of whether TransCanada’s application proposes a project that will sufficiently maximize the benefits to Alaskans and merits issuance of the exclusive AGIA license. If the commissioners find that the TransCanada application meets that test, they will forward it to the Legislature for approval.

All applications and public comment procedures have been posted online at www.state.ak.us.

Source: Alaska Governor

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