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State Senator District E

Senate Majority Leader

 

Senator Cathy Giessel Newsletter

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Issues affecting

your family, community and jobs.

 

 

June 04, 2026

 

 

Dear Friends and Neighbors,

 

Photo: Cooper Landing Bridge section, being pushed into place on June 3. The Cooper Landing Bypass continues work.

 

Special Session - Day 15

 

Gas Pipeline - only special session topic

Meetings this week of House Finance (Anchorage), and Senate Finance in (Juneau).

Meeting summaries are located in newsletter section below.

 

LNG special session: Lawmaker warns governor’s plan could leave state’s share of pipeline worth ‘virtually nothing’ Alaska News Source

A key senator warned Wednesday that Alaska’s share of the pipeline could be worth “virtually nothing” in the first special session hearing on the governor’s newly proposed liquified natural gas pipeline legislation, where lawmakers consider giving up billions in future tax revenue to make the project happen.

 

Proposed Alaska gas pipeline has a narrow window of viability, estimates suggest Alaska Beacon

The proposed trans-Alaska natural gas line faces a narrow road to profitability, even with Gov. Mike Dunleavy’s proposed multibillion-dollar tax break, according to estimates presented to state legislators.

 

Alaska LNG $46 billion claim is 'complete garbage' Reporting From Alaska

Alaska LNG project would cost $46.2 billion is “complete garbage.”

 

Don't be fooled by 'Build the Line!' propaganda Reporting From Alaska

It’s an attempt to get lawmakers to sign off on Dunleavy’s proposed tax break with no delay and no questions asked. Anyone who goes through the details risks being denounced as an enemy of the people, an opponent of the gas pipeline and a scoundrel.

 

Legislators dismiss the AKLNG ‘razzle dazzle,' and Dunleavy's vetoes show what's at stake in the race for governor The Alaska Memo

The biggest takeaway from the first full week of hearings on Gov. Mike Dunleavy’s proposed multi-billion-dollar, multi-decade subsidy for the natural gas pipeline project is that the state sure is lucky that lawmakers’ efforts to rush the bill through didn’t pan out.

 

After 10 days of special session, opinions on gasline remain deeply divided and potential cost has doubled Juneau Independent

Ten days into a 30-day special session it’s been stated a natural gasline project might cost twice the $46 billion previously estimated and some Fairbanks residents are facing a 60% hike in their electric bills starting Monday.

 

Report: Alaska LNG project could cost Municipality of Anchorage millions Anchorage Daily News

Anchorage Mayor Suzanne LaFrance told the state House Finance Committee on Monday that the Alaska LNG megaproject could cost the municipality up to $173 million over nine years because of the city’s current tax structure, citing a new report.

 

 

Items in this Newsletter:

·     Gasline Finance Committee Meetings

·     Cooper Landing Overpass Bridge

·     Alaska Economic Trends

·     Alaska Trails Newsletter

·     Oil and Gas Pipeline Topics with Current Topics, Stuff I Found Interesting, Education, Politics, Healthcare

·     Resource Values, Permanent Fund Data

·     Alaska History

 

 

 

 

Gasline Finance Committee Meetings

 

-Senate Finance Committee SB 2001

 

June 04, 2026 (Today at 9am in Juneau)

Log on Here.

 

June 03, 2026

Recording.

Glenfarne Alaska LNG, LLC Presentation

Some significant things said at this meeting. Listen to it if you can.

Glenfarne shares more financial information, but the numbers still aren't close to what is reasonable for a project of this size.

New costs claimed:

·     Pipeline (Phase I): $13,200 billion - $16,900 billion

·     LNG Plant/Nikiski (Phase II): $23,600 billion - $28,400 billion

·     Gas Treatment Plant/North Slope (Phase II: $7,700 billion - $9,200 billion

Total: $44,500 billion - $54,500 billion

 

There is no financial regulation of this project by FERC. FERC's regulatory authority is only over siting and construction of LNG Plant.

So that will leave the Regulatory Commission of Alaska, but they are limited only to determining if the price (gas + tariff down pipeline) is fair.

Glenfarne says that price to consumers will be $16.00 + about $4 utility fee.

But price to base load user (a mine, fertilizer plant, data center) would be $10.

How is that not discriminatory?! I wonder how RCA would react to that.

 

Generous assumptions remain: This project is only economic if the Return on Equity taken is only 10%; gas is sold on the North Slope for $1.50; there are no cost overruns or delays; costs are low; no liquids lost.

 

What is still not known: What contingency factors did they put in? How is Return on Equity of 10% reasonable when the industry standard is 12-15%? Off-takes - how many and where? How can they conclude that oil production will increase with gas offtake, when blowing down a field means no pressure to bring up oil? Will Alaska Oil & Gas Conservation Commission re-evaluate Point Thomson offtake and effect on condensate extraction (oil is far more valuable than gas)?

 

If you look at today's PowerPoint, be aware that the images on slide 5 are not real photos. These two projects, in TX and LA, have not reached FID. TX hasn't reached FID in the last 6 years. Both projects are much smaller than the Alaska project.

 

June 02, 2026

Recording, Pegasus Presentation

This presentation overviews the size of this project. "The Iron Rule of Megaprojects: Over budget, Over time, Under benefits, Over & Over & Over". Good summary of risks and the things to watch out for.

 

June 01, 2026

Recording, Presentation: AGDC Update

 

May 29, 2026

Recording, Presentation: Dept of Revenue

 

May 28, 2026 at 9 AM

Recording. Documents.

 

-House Finance Committee HB 381

June 02, 2026 in Anchorage

Recording, Documents

 

June 01, 2026 in Anchorage

Recording, Enstar Presentation, MEA Presentation

 

May 30, 2026 in Anchorage

Recording.

 

May 29, 2026 in Anchorage

Recording, Documents

 

May 28, 2026 in Anchorage

Recording, Presentation: Alaska Gasline Development Corporation

 

 

 

Cooper Landing Overpass Bridge

The device under the bridge is the "ram" that is pushing the bridge out to the support pillars.

 

 

 

 

 

 

Give Back to Trails on National Trails Day - June 6th

 

Come celebrate trails by volunteering with Alaska Trails at one of two locations. Volunteers will be doing a variety of tasks – all with the goal of making our trails safer and more fun to use. Join us in Whittier as we build new trail and maintain existing trail. Or join us at Prospect Heights in Anchorage as we brush the Panorama Trail in Chugach State Park.

For other ways to help, check out our other volunteer opportunities for later in the summer.

 

 

 

Oil and Gas Pipeline Topics

In setback for oil companies, tax board raises trans-Alaska pipeline value by $3 billion Northern Journal

A state appeals board this week determined the property tax value of the enormous 50-year-old pipeline system, which moves crude 800 miles from the North Slope’s oil fields to the port town of Valdez, to be $13 billion. 

 

Appeals court says Alaska has the right to make ConocoPhillips oil well data public

Alaska Beacon

The state of Alaska has the right to make public data from exploration wells drilled by ConocoPhillips in the National Petroleum Reserve in Alaska, an appeals court has ruled.

 

'Build the Line!' pep rallies obscure the lack of pipeline numbers. Reporting from Alaska

The “Build the Line!” propaganda campaign is perfect for people who think that numbers don’t matter.

The cost of the line doesn’t matter. The cost of the gas doesn’t matter. The cost of construction doesn’t matter. The details of the contract the state signed with Glenfarne don’t matter.

 

 

Current Topics

More than 70 bills are heading to the governor’s desk. Here are a few to watch. ADN

More than 70 bills passed in the final week of Alaska’s 34th Legislature, in what lawmakers described as a productive flurry of activity that benefited from mostly aligned bipartisan majorities in the House and Senate.

(My comment: These bills have been sent to the Governor. I wonder how many he vetoes.)

 

More than 80% of Alaska bills failed this session. Here are some of them Anchorage Daily News

 Lawmaking is an uncertain venture. Of the 685 bills introduced in the two-year legislative cycle that began last year, 114 passed. That’s about one out of every six bills.

 

Alaska Legislature approves state’s first tax on e-cigarette products Alaska Beacon

Four years after Gov. Dunleavy vetoed a similar measure, lawmakers passed a bill imposing state’s first tax on electronic cigarettes and related products.

 

Alaska lawmakers seek first boost to unemployment benefits since 2009 Alaska Public Media

State lawmakers voted to increase state unemployment benefits for the first time since 2009 during the state Legislature’s race to the finish on May 20. They attached the change to a largely unrelated travel insurance bill with an amendment on the Senate floor hours before the Legislature adjourned its regular session.

 

Opinion: A retirement system that continues to drive workers away Anchorage Daily News

Alaska’s public employee retirement crisis did not happen overnight, and it will not be solved by slogans about fiscal restraint. Gov. Mike Dunleavy’s veto of House Bill 78 was a clear message to educators, state troopers, firefighters, healthcare workers and countless other public servants that long-term service in Alaska is not something our state is willing to meaningfully invest in.

 

Opinion: With his veto of House Bill 78, Gov. Dunleavy makes it clear who he serves Anchorage Daily News

Gov. Mike Dunleavy will be remembered for eight years of the Dunleavy Decline and as the worst and least productive governor in Alaska history. With his veto of House Bill 78, outgoing Gov. Mike Dunleavy has delivered one last illustration of exactly whose interests his administration serves. Unfortunately, his allegiance is not to his constituents in the state of Alaska, but to Outside special interests, the billionaire class and his own ego.

 

Legislation would prevent state from using psychiatric hospitals as makeshift foster placements AK Public Media

Federal investigations have documented abusive practices inside psychiatric hospitals for kids in Alaska. The state has also admitted that they've used psychiatric hospitals to house foster children when there aren't available placements. And Metivier said it's gotten worse. "In recent years, as we've seen a steady decline of the number of foster homes, we've seen more youth who are lingering out in hospital settings when they don't meet the criteria to be in those places," she said.

 

 

Stuff I found Interesting

New moral low Axios

80% say moral values are "getting worse" — 14 points higher than '25.

 

Master wordsmith Axios

Remer doesn't teach lists, but instead systems. Latin roots, Greek structures, and linguistic clues buried inside pronunciation and meaning. Sessions feel less like tutoring and more like detective work, with Remer teaching students to use "definitions and etymology as clues," per AP.

 

Alaska Blood Bank declares critical shortage as World Cup cuts off national supply Alaska News Source

Blood Bank of Alaska is facing a critical shortage, with its CEO warning that the upcoming FIFA World Cup has effectively sealed off the national blood supply, leaving Alaska entirely dependent on its own donors at a time when local demand is surging.

 

East Cook Inlet razor clam fishery remains closed as populations reach historic low Alaska Public Media

The beaches that once hosted Alaska's largest razor clam fishery will stay closed for another year. The Alaska Department of Fish and Game surveyed Ninilchik and Clam Gulch on the east side of Cook Inlet this spring, and Area Management Biologist Mike Booz said populations show no sign of rebounding.

 

Wildlife officials urge caution around edgy animals after 5 people injured in Anchorage moose encounters Anchorage Daily News

Since Memorial Day weekend, five people have suffered minor injuries in encounters with cow moose that occurred in the city’s green spaces, according to Alaska Department of Fish and Game biologist Cory Stantorf. No one has been injured since that weekend, he said.

 

Alaska’s minimum wage increasing to $14 an hour next month Alaska News Source

Alaska’s minimum wage will be increasing to $14 per hour on July 1, according to the Alaska Department of Labor. The increase comes as a result of the passage of Ballot Measure 1 in November 2024. The minimum wage will receive another boost on July 1, 2027, to $15 per hour.

 

First Alaska mule deer harvest follows years of fleeting appearances in the state Alaska Beacon

Mule deer, better known as inhabitants of the Rocky Mountain and Great Plains regions, have been expanding their range northward, including into Alaska. As they do so, they are expanding the risks of parasites and some contagious diseases.

 

Economy

Comparing slices Axios

Corporate profits are taking the largest chunk of America's total income since a brief period of the early 1950s, as the slice of the pie going to worker pay has shrunk to the thinnest on record.  It's another piece of evidence underscoring the current state of play in the American economy: Surging profits have buoyed stock markets while increasing pressure on an already cranky public.

 

Education

Alaska Legislature approves civics education requirement for all Alaska high schoolers Alaska Beacon

The new requirement aims to bolster Alaska students’ knowledge and understanding of the U.S. government and civic responsibilities. It comes amid declining public trust in government, the bill’s sponsor, Senate President Gary Stevens, R-Kodiak, told the Alaska Beacon last month.

 

University of Alaska names U.S. Army commander as new UAF chancellor Alaska Beacon

Col. Russell “Russ” Vander Lugt was selected from four finalists after an eight-month search process. He will be the top executive of Alaska’s leading research institution, which describes itself as “America’s Arctic university.”

 

Senior Army officer chosen to lead University of Alaska Fairbanks KUAC

Congrats to the new chancellor, but I will also be watching to see where Mike Sfraga shows up next. Mike is such a gifted, knowledgeable person! We are fortunate that he’s an Alaskan!

 

Elections

Opinion: We don’t give a damn how they gerrymander Outside Anchorage Daily News

Many Alaskans fondly embrace and proudly recite the defiant expression from the 1970s: “We don’t give a damn how they do it Outside.” Though often it’s because we can’t get it done the same way they do it Outside because of cost or geography or our small population — or because some online merchants still refuse to ship to the 49th state.

 

 

Healthcare

Opinion: Untying the hands of Alaska's most accessible healthcare providers ADN

Pharmacies are one of the most accessible healthcare destinations in Alaska, making community pharmacists a constant medical presence, especially in rural and remote communities. They are familiar faces who know which medications a patient is already taking, ask the right personal health questions, and are typically available without an appointment and during extended hours that fit a working family’s schedule. Pharmacists are a natural part of the care team, and HB 195 gives them the authority to function as one.

(My comment: I carried this bill on the Senate side. So thankful it passed. Hoping the Governor won’t veto it.)

 

 

Alaska Resource Values

 

Alaska North Slope crude oil price (06/01/2026): $106.08

FY26 budget (beginning 7/1/25) is fully funded at

$64/barrel of oil.

History of prices:

3/23/2026: $101.05 (Iran War)

12/17/25: $60.06

9/20/24: $63.63

9/30/23: $87.99

9/30/22: $86.91

6/29/22: $116.84

3/08/22: $125.44

12/22/21: $75.55

March 2020: $12.29 (COVID)

7/3/2008: $144.00

ANS production (6/1/26):450,428 bpd

 

Precious Metal Prices

June 03, 2026

Gold - $4452.67

Silver - $73.66

Platinum - $1869.70

Copper - $6.45

Palladium - $1333.06

Rhodium - $8,400

 

Alaska Permanent Fund

website

How is the Fund invested? Alaska Senate Finance Committee, presenters: Callan, Investment Advisors. Callan said that APF is "one of the best run portfolios among our clients".

February 25, 2026 Link to meetingMeeting Notes.



Fund value June 03, 2026 - $88,700,400,000

 

PFD payout from ERA, Fiscal years 1982-2025: about $31.3 billion

Over $100 billion total earnings over lifetime of the Permanent Fund

 

 

Alaska History

·     1867, May 28 – President Andrew Johnson signed Alaska Purchase

·     1979, May 29 – First dog team reached Denali summit

·     1936, May 29 – 200 Matanuska Valley settlers selected by lottery

·     1898, May 30 – 124 boats, more than 30,000 men left Lake Bennett for Dawson City

 

 

Feedback is always welcome.

Have a great week!

 

Cathy 

 

Personal Contact:

907.465.4843

sen.cathy.giessel@akleg.gov

 

Past Newsletters on my website



My Staff:

·     Chief of Staff: Jane Conway (from Soldotna)

·     Resources Committee Staff: Paige Brown (from Anchorage/Girdwood)

·     Office Manager: Samantha Freeborn (from Anchorage)



Copyright © 2026. All Rights Reserved.

 

 

 

Senator Cathy Giessel's Newsletter | 12701 Ridgewood Rd | Anchorage, AK 99516 US