May 17, 2023

“We Don’t Believe In Limiting Opportunity” Featuring Governor Mike Dunleavy

It is our honor to welcome back Governor Mike Dunleavy of Alaska for today’s session. We hosted the Governor on COBT in July of 2022 and had much to cover since our last visit. Gov. Dunleavy moved to Alaska in 1983 and quickly became a proud local serving as a teacher, principal, and superintendent in Arctic communities before his 5-year term as a State Senator from 2013 – 2018. He was elected Governor in 2018 and was re-elected last November. We were thrilled to visit with the Governor to discuss energy in Alaska and preview the Alaska Sustainable Energy Conference taking place next week in Anchorage with an exciting lineup of speakers and topics.

We begin the discussion with an update from Gov. Dunleavy on the current energy outlook in Alaska and the state’s unique conditions that allow for a plethora of energy types including oil, gas, biomass, nuclear, coal, geothermal, on and offshore wind, tidal, and solar. Gov. Dunleavy shares his perspective on the Willow project and the state’s support for energy production, including LNG and Alaska’s relationships with Asia. We then discuss the Sustainable Energy Conference and some of the keynote speakers including Dr. Dan Yergin, Vice Chairman of S&P Global, Rahm Emanuel, United States Ambassador to Japan, and David Turk, Deputy Secretary, U.S. Department of Energy to name a few. The conference will examine the future of energy in Alaska and around the world, the intersection of geopolitical upheaval with food and energy security, advancements in renewable power, transmission, storage, and more. We also touch on geopolitics and security, minerals and mining, Alaska’s nuclear adoption, labor markets, the opportunities in Alaska, and the all-in approach the state is taking. We ended with Gov. Dunleavy’s thoughts for what the world looks like in 2024 with the next US Presidential election. It was wonderful to visit with the Governor and hear the progress Alaska has made over the past ten months.

Mike Bradley kicked us off and highlighted that over the last couple of weeks, bond, commodity, and equity markets have been directionless due to the U.S. debt ceiling showdown. He further indicated that a favorable debt ceiling resolution could result in some outsized gains but should prove transitory. He also pointed out talks this week for a potential U.S. SPR crude oil purchase in August (3 million sour barrels) which is peanuts compared to the 270 million barrels that have been sold from the SPR over the last two years. Mike also highlighted the recent natural gas rally and the potential for additional Haynesville rig drops by end of summer. He concluded the conversation by highlighting ongoing midstream consolidation activity. Jeff Tillery added to Mike’s midstream comments with an observation on diversifying assets in North America as they mature. Brett Rampal also joined and peppered in his nuclear perspective in the discussion.

We want to thank the Governor for his time. If every Governor knew energy as well as Governor Dunleavy, the country would be a better place. We hope you enjoy the discussion as much as we did and consider attending the Alaska Sustainable Energy Conference!

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