Alaska Legislature Approves $4.95 Million in Renewable Energy Investment for AP&T’s Service Areas

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

KETCHIKAN, Alaska--(BUSINESS WIRE)-- The Alaska State Legislature has approved two Alaska Energy Authority (AEA) Renewable Energy Fund (REF) grants totaling more than $4.95 million to expand clean, affordable energy in communities served by Alaska Power & Telephone Company (AP&T). The appropriations, included in the State of Alaska's FY2027 budget recently signed by Governor Michael Dunleavy, provide $2,000,000 for expansion of the Goat Lake Hydroelectric Project reservoir and $2,953,085 for a solar and battery system serving the remote interior Alaska community of Allakaket.

Bill Marks, President and CEO of AP&T, remarked: "These Renewable Energy Fund grants are transformative because they allow us to accelerate investments that lower costs, improve reliability, decrease energy supply and price risk, and strengthen local communities. We are grateful for the legislature's continued support for public-private partnerships that improve rural energy security and affordability."

Goat Lake Reservoir Expansion - $2,000,000

The $2 million REF grant will help fund an expansion of the Goat Lake reservoir, increasing water storage capacity, reducing reliance on diesel generation, and providing greater long-term energy cost stability for the region.

Senator Jesse Kiehl stated: “This project has it all: low-cost, local electricity that’s fish safe, already plugged in, and prevents burning 7 million gallons of diesel. With benefits more than 6 times the cost, this makes total sense for Alaska. I’m proud to play a role in the Goat Lake Hydro expansion.”

"AP&T's efforts to develop additional clean energy at Goat Lake are particularly timely as communities pursue greater electrification through heat pumps, electric vehicles, and shore power for marine vessels," said Representative Andi Story. "The reservoir expansion presents a unique opportunity to combine public investment with private sector expertise and efficiency to support the region's energy needs for decades to come."

Allakaket Solar Project - $2,953,085

Under a proposed independent power producer (IPP) structure, Allakaket Village will own REF-funded solar and battery assets and sell power to AP&T as a lower-cost alternative to diesel generation. ANTHC will serve as the project developer, working in conjunction with AP&T’s engineers.

"Having grown up and lived in rural Alaska, I understand firsthand the challenges created by high energy costs," said Senator Mike Cronk. "Due to the high cost of transporting diesel fuel to the community, Allakaket residents face some of the highest energy costs in the state. This project represents an important step toward reducing those costs and improving opportunities for local families, community facilities, and businesses."

"Renewable energy projects are essential to rural Alaska," said Representative Rebecca Schwanke. "Being able to bring a solar and battery project to Allakaket with the support and technical expertise of the Alaska Energy Authority could not come at a better time given the high cost of fuel."

About Alaska Power & Telephone Company

Alaska Power & Telephone Company (OTCMKTS: APTL) is an employee- and investor-owned electric and telecommunications utility founded in 1957. The company serves 40 remote communities throughout southeast and interior Alaska.

For additional information, visit www.aptalaska.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260630826796/en/

Jason Custer
Vice President, Corporate Development – AP&T
Cell Phone: 907-617-3773
Email: Jason.c@aptalaska.com

Alaska Power & Telephone Company
136 Misty Marie Lane
Ketchikan, AK 99901

Source: Alaska Power & Telephone Company