ANCHORAGE, Alaska (KTUU) – For the first time during the ongoing LNG special session, the major developer behind Alaska’s proposed natural gas pipeline, Glenfarne, put a public price tag on the project Wednesday — between $44.5 billion and $54.5 billion — a figure lawmakers say they’ve needed for months to decide on critical tax breaks.
The information comes after months of requests from lawmakers asking for accurate figures on how much the gas line will cost to help determine adequate property tax exemptions — what Glenfarne and Gov. Mike Dunleavy, R-Alaska, say are needed to make the gas line a reality.
Glenfarne has been hesitant to release information on the gas line to lawmakers, saying information like the cost of the gas line is confidential and, if provided, would threaten competition.
For months, lawmakers and Glenfarne have been at an impasse.
Lawmakers have been demanding information before tax exemptions can be granted and Glenfarne has been wary of giving specifics — but Glenfarne Spokesperson Tim Fitzpatrick tells Alaska’s News Source both Glenfarne and the legislature have garnered a better understanding of what each of the sides need to move the project forward.
“Glenfarne is providing these updated figures following numerous discussions with legislators in which legislators gained a greater understanding of the need for confidentiality to protect project integrity,” he said in a statement. “As project owners, both Glenfarne and the state benefit from these safeguards to protect Alaska LNG’s competitive interests.”
Fitzpatrick said the gas line’s cost has increased in line with other projects due to inflation and “post-war infrastructure construction cost changes.”
The Alaska Department of Revenue previously estimated to lawmakers the cost of the pipeline would be about $46.2 billion.
With the cost of the gas line presented, lawmakers have more information to determine the how in moving forward with tax exemptions. But do they have enough?
Alaska’s News Source has reached out to lawmakers for comment on what the next steps for the project are.
Sen. Bill Wielechowski, D-Anchorage, told Alaska’s News Source Wednesday the numbers presented were figures he’s heard throughout session and “still seems very low.”
Sen. Robert Myers, R-North Pole, said he’s glad the figure is now public and “will help give the public assurance that the project can move forward.”
“The point here is what tax scheme makes the project economic. That’s based on the end cost of the gas, of which the project cost is only one part.”
House Minority Leader DeLena Johnson, R-Palmer, said the new information “will be helpful as we go forward,” on social media.
The announcement comes as the legislature works to pass legislation during a special session called by the governor.
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