Manager: D. Randy Simmons, Executive Director
Tel: (907) 269-3000 Fax: (907) 269-3044

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To encourage economic growth and diversification of the economy.




Services Provided:
AIDEA acts as an economic development catalyst by providing capital at a reasonable cost for Alaskan businesses, with emphasis on projects that create new jobs and economic activity in the private sector. AIDEA is a primary source of secondary financing in the state for business loans made by financial institutions. The loans are serviced by the banks, thereby limiting staffing requirements at AIDEA. The Authority can also own and operate specific development projects that enhance the economy of the state and support private sector investment. The Authority can also act as a conduit for the issuance of both taxable and tax-exempt bonds for specific business development projects. For small businesses, AIDEA has a Business and Export Assistance program, which provides loan guarantees, with particular emphasis on businesses in rural Alaska.

Bonds sold for AIDEA projects are the general obligation of AIDEA and do not have the expressed moral obligation of the State of Alaska.

All staffing for Alaska Energy Authority (AEA) functions is provided by AIDEA. As the owner of six hydroelectric plants and the Alaska Intertie transmission line, AEA is responsible for the administrative oversight for these facilities. In addition, AIDEA staff is responsible for providing staffing for the oversight and operation of all rural and alternative energy programs and the circuit rider program of AEA.

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To the extent feasible, contract to user utilities direct operating, maintenance and repair responsibilities for the AEA owned facilities.

To effectively provide management support for the rural and alternative energy programs and the circuit rider program of AEA.

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Provided a $16 million dividend to the State General Fund in FY99. The AIDEA board approved an $18 million dividend for FY00.

Purchased approximately $20 million in loan participations originated through financial institutions for businesses and projects in Alaska, helping to expand Alaska's economic base and create jobs in Alaska.

Began construction on the $125 million Alaska Seafood International manufacturing facility (ASI), with operation scheduled to begin in the fall of 1999. In full production, ASI will provide 450 year-round manufacturing jobs, result in hundreds of indirect jobs, and stimulate the local economies of fishing communities by providing a reliable market for their product.

Working with banks and the private sector, recommended regulatory changes to eliminate archaic and unnecessary requirements in AIDEA's Credit programs. AIDEA is proactive in making necessary changes to our programs based on the changing needs of AIDEA's stakeholders and the economy.

Issued $21.8 million in conduit financing for private sector and non-profit projects.

Partnered with the U.S. Economic Development Administration to provide low-interest loans to Western Alaska communities hurt by the recent poor salmon runs.

Continued demonstration testing of the Healy Clean Coal Project, exceeding environmental expectations.

Completed installation of new underwater transmission cables on the AIDEA-owned Snettisham Hydroelectric Project. The project was completed on schedule and under budget. Snettisham provides 85% of Juneau's electrical energy.

Continued to work with Cominco Alaska and the U.S. Corp of Engineers to study the potential feasibility of a deep water port at the DeLong Mountain Transportation facility (DMTS), the road and port serving the Red Dog Mine. The Red Dog Mine and the DMTS provide approximately 485 permanent, full-time jobs in the NW Arctic Borough.

Completed a revised development plan for the AIDEA-owned Ketchikan Shipyard. The proposed improvements will increase shipyard efficiency and production capacity and improve services, ultimately creating a more viable shipyard and increased employment. The shipyard currently employs nearly 100 employees.

Maintained and administered AEA owned facilities, maximizing services and revenues and minimizing unscheduled outages.

Continued to administer outstanding AEA long-term debt in excess of $300 million; continued to administer special trust funds relating to the facilities.

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Provide technical assistance and financing to help businesses diversify the economy in rural Alaska.

Provide financing assistance under the Business and Export Assistance Guarantee Program, assisting small businesses and businesses in rural Alaska to obtain bank financing that otherwise may not have been available to them.

Continue to maintain the technical integrity of AEA projects.

Continue to maximize local control of AEA projects, to the extent feasible, by contracting with the operating utilities to provide operating and maintenance services.

Continue to work with the operating utilities to lower operating costs and improve efficiencies at the AEA owned hydroelectric projects.

HB 40, passed by the 1999 Legislature, moved the Rural and Alternative Energy programs from the Department of Community and Regional Affairs to Alaska Energy Authority (AEA). Because AEA has no staff, AIDEA will provide the staff to operate the programs and the Rural and Alternative Energy Programs BRU and the Circuit Rider BRU will reimburse AIDEA for the staff costs.

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Capital Projects Listed by Department.

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Financial Summary

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