Alaska Gas Wealth Fund — We Can Do Better
Alaska Sovereign Wealth Fund Initiative — March 2026

We Can Do Better.

Alaska’s natural gas is worth over $300 billion. Right now, 75% of the profits are structured to leave our state. The Alaska Gas Wealth Fund changes that — building generational wealth for every Alaskan, modeled on Norway’s $1.7 trillion success.

$277B
Projected fund — year 30
$8,800
Annual dividend per Alaskan
733K
Alaskans who deserve a fair share
$16.6B
Annual spendable return at yr 30
Demand Action Now See the Full Picture
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The Problem

Alaska owns 25% of its own gas

A private Texas company was handed 75% of a $44 billion project with no legislative vote. The session ends in May 2026. This is the moment to act.

Current reality
75%
Owned by Glenfarne Group — a private company headquartered in New York and Houston. Not accountable to Alaskans. Refusing to disclose cost estimates or financial terms. Seeking a 90% property tax break that would defund local schools and services.
The Better Deal
51%+
Majority owned by an Alaska Public Gas Authority — combining Permanent Fund capital, AIDEA bonds, Alaska Native Corporation investment, and a public Alaska Gas Bond. Alaskans in control of Alaska’s most valuable resource. Pipeline tariff revenue flowing home, not to Texas.

Norway discovered oil in 1969. Rather than hand it to foreign corporations, they created Equinor, required technology transfer, and invested all revenues into a permanent fund. Today that fund holds $1.7 trillion — $320,000 per Norwegian citizen. Alaska already did this with oil through the Permanent Fund. The Gas Wealth Fund does it again, bigger, with natural gas.

It Has Been Done Before

Countries that chose to own their future

These are not theories. These are working models — including ones built right here in Alaska.

Norway · 1972
$1.7T Fund
$320K / citizen
Equinor + Government Pension Fund Global
Created a state oil company, required all foreign partners to transfer technology, and invested every dollar of profit into a permanent fund for Norwegian citizens. Now ranked the world’s best place to live — funded by resource ownership.
Alaska · 1976
$80B Fund
Annual PFD for all
Alaska Permanent Fund
Alaskans voted to deposit 25% of oil royalties into a permanent savings fund. It has paid every resident an annual dividend ever since. Proof that Alaska has the institutions, the political will, and the public trust to manage a sovereign wealth fund at scale.
Alaska · Ongoing
Lowest-cost power
in the state
Bradley Lake Hydroelectric Cooperative
Built and co-owned by Alaska utilities as a cooperative. No private out-of-state company needed. Alaskan-controlled infrastructure delivering Alaskan benefits for decades. The exact governance model for the Alaska Public Gas Authority.
How We Get There

Building majority ownership is achievable

No single Alaskan needs to carry this alone. Stacking institutional capital that already exists in Alaska gets us to majority ownership.

Alaska Capital Stack — Phase One Pipeline
Alaska Permanent Fund (5% allocation) $4.0B
AIDEA bond issuance $2–3B
Alaska Native Corporation consortium $1–2B
Alaska Gas Bond (public — $500 min) $0.5–1B
Phase One operating revenue (reinvested) $1–2B
Total achievable Alaska capital $8.5–12B
Per-Person Contribution Scenarios
Per-person investment Total raised % of Phase 1
$1,000$733M4.2%
$5,000$3.66B20.9%
$10,000$7.33B41.9%
$15,000$11B62.8%
Key Insight

The $4B Permanent Fund anchor alone puts Alaska within range of 25–30% additional ownership before a single Alaskan invests a personal dollar. Combined with AIDEA and Native Corporation capital, majority ownership of Phase One is achievable without individual investment exceeding a single year’s PFD.

The Plan

Three phases — self-funding at every step

Each phase generates revenue that funds the next. Alaska never bets everything at once.

1
Phase One · 2026–2030
Connect Alaska First
Est. $3–5B · Fairbanks + Railbelt spur lines
  • Fairbanks has the highest energy costs in the US — gas changes that immediately
  • Guaranteed revenue from ENSTAR, utilities, and military bases from day one
  • Modeled on Bradley Lake — cooperative owned by Alaska utilities
  • Cash flow becomes collateral for Phase Two on Alaska’s terms
2
Phase Two · 2028–2032
Alaska Public Gas Authority
Est. $10–15B · Full 807-mile majority stake
  • Combine Permanent Fund, AIDEA, Native Corps, Gas Bond, and Phase One revenue
  • Acquire majority ownership — flipping the 75/25 split in Alaska’s favor
  • Pipeline tariff revenue flows primarily to Alaska, not to Texas
  • Negotiate Phase Three from a position of strength
3
Phase Three · 2031–2036
LNG Export + Gas Wealth Fund
Est. $20–25B · Nikiski terminal + sovereign fund
  • Foreign buyers get purchase agreements and minority terminal equity — not pipeline ownership
  • Pipeline tariff revenue flows to Alaska forever regardless of terminal ownership
  • Surplus revenues seed the Gas Wealth Fund — Alaska’s second Permanent Fund
  • Pays every Alaskan a second annual dividend check for generations
The Math

30-year compound growth — 6% annual return

The gap between the current 25% deal and majority ownership widens every single year thanks to compounding. This is the cost of accepting the current deal.

51% fund — year 30
$277B
$378K per Alaskan
25% fund — year 30
$119B
$162K per Alaskan
Wealth lost to current deal
$158B
$216K per Alaskan — gone forever
The Norway Rule

Never spend the principal. Only the annual return. At $277B the fund generates $16.6B per year — forever — without the balance ever shrinking.

51% Better Deal
25% Current Deal
Gap — lost wealth
What It Buys — Year 30

$16.6 billion per year — every year, forever

At a $277B fund earning 6%, here is how the annual return is allocated across every Alaskan’s life. Principal untouched. This repeats annually without end.

Cash dividend
$6.5B
$8,800 per Alaskan per year
Healthcare
$3.7B
$5,000 per Alaskan per year — clinics, transport, rural access
Infrastructure
$3.3B
$4,500 per Alaskan — roads, ports, broadband, airports
Education
$2.2B
$3,000 per Alaskan — K-12, university, vocational
Family of 4 — combined annual Gas Wealth Dividend
$35,200 / year
On top of the existing oil-based PFD — from fund earnings alone, without touching principal, every year, for generations.
Fund value — year 30
$277B
$3.5B/yr deposit + PFD reinvestment at 6%
Annual spendable return
$16.6B
5% POMV draw — principal never touched
Per-Alaskan fund share
$378K
Every resident’s proportional stake
vs. Norway today
$320K
Alaska surpasses Norway per capita by year 30
Dividend reinvestment match

Residents who voluntarily reinvest their Gas Wealth Dividend are matched dollar-for-dollar by fund surplus earnings, up to $1,000 per person — incentivizing long-term compounding.

How It Is Governed

Built to last generations — not political cycles

The fund’s governance structure draws directly from Norway, the Alaska Permanent Fund, and international best practice in sovereign wealth management.

9
Board of Trustees
Nine members: three appointed by the Governor, two elected directly by Alaskan voters, one nominated by the Alaska Federation of Natives, one representing organized labor, plus the Revenue Commissioner and AGDC President ex officio. Staggered five-year terms.
5%
POMV Draw Rate
Distributions are capped at 5% of the fund’s five-year rolling average market value annually — consistent with the Alaska Permanent Fund’s methodology. Any return above the draw rate is automatically reinvested into principal.
0%
Principal Ever Spent
The principal is constitutionally protected — same as the Permanent Fund. No emergency declaration, no budget crisis, no legislative act can touch it without a three-quarters vote of both chambers plus a public referendum.
CPI+3.5
Return Target
The fund targets a net-of-fees annual return of CPI plus 3.5% — approximately 6 to 7% nominal. Asset allocation: 45–55% global equities, 20–30% fixed income, 10–15% real assets, 5–10% private equity, 2–5% cash.
Q
Quarterly Transparency
The Board publishes quarterly investment reports on a public website within 30 days. Annual independent audits by a nationally recognized firm. All board meetings are public record with 14-day advance notice. Zero tolerance for conflicts of interest.
5yr
Legislative Review Cycle
The Legislature conducts a mandatory comprehensive review of governance, performance, and distribution allocations every five years. Distribution percentages can be adjusted within a ±5% range per category per cycle — preventing dramatic single-cycle shifts.
Side by Side

Current deal vs. The Better Deal

Every number in this table represents a real decision being made right now in Juneau.

Metric Current Deal (25%) The Better Deal (51%+)
Alaska pipeline ownership25% via AGDC51%+ via Alaska Gas Authority
Annual gas royalties$800M–$1.2B/yr$800M–$1.2B/yr
Pipeline tariff share25% of tariffs onlyMajority of all tariffs
LNG export surcharge (SB 275)$0 — not yet law$150M–$500M/yr
Corporate income tax (loophole)$0 — current loophole$200M–$400M/yr
Total annual Alaska revenue~$1.5B/yr~$3.5B/yr
30-year fund value (6% return)~$119B~$277B
Per-Alaskan wealth (30 yr)~$162K~$378K
Annual dividend per person (yr 30)~$4,100~$8,800
Family of 4 dividend/yr (yr 30)~$16,400~$35,200
Healthcare funding/yr (yr 30)~$1.6B~$3.7B
Infrastructure funding/yr (yr 30)~$1.4B~$3.3B
vs. Norway per-capita wealthLess than Norway ($320K)Surpasses Norway by year 30
TOTAL 30-YR WEALTH DIFFERENCE — +$158B fund / +$216K per Alaskan
The Road Map

From now to generational wealth

Every step is achievable. Every step builds on the last. The first step happens in Juneau — this May.

Spring 2026
Legislature acts — the window is now
Pass Senate Bill 275 (transparency, surcharge, tax reform). Pass Senate Bill 227 (close the S-corp loophole). Reject the 90% property tax break. Introduce enabling legislation for AS 37.16 — the Alaska Gas Wealth Fund Act. Session ends May 2026.
2026
Board of Trustees formed
Governor nominates three trustees. Two elected trustee positions placed on the ballot. Alaska Federation of Natives and AFL-CIO nominees confirmed. Investment Policy Statement drafted. Competitive procurement of investment managers begins.
2026–2027
Phase One pipeline spur lines — construction begins
Fairbanks and Railbelt spur line construction underway. Alaska Public Gas Authority formed. Capital stack assembled: Permanent Fund + AIDEA bonds + Native Corporation consortium + Alaska Gas Bond offering. Majority ownership of Phase One secured.
2028
Constitutional amendment — voters decide
Constitutional protection for the fund’s principal placed on the general election ballot. If ratified, the principal becomes permanently inviolable — same protection as the Alaska Permanent Fund. First elected trustees seated from public vote.
2029
First gas flows — revenue deposits begin
North Slope gas first delivered through the domestic pipeline to Fairbanks and Anchorage. LNG export surcharge revenues begin. Full royalty and tariff deposits begin flowing into the Gas Wealth Fund. Fund reaches its first $5 billion milestone. Energy costs drop for Interior Alaska.
2031–2036
LNG export terminal + first Gas Wealth Dividends
Nikiski export terminal construction and commissioning. LNG ships begin loading for Japan, South Korea, Taiwan, and Thailand. Full export revenues flow. First Gas Wealth Dividends paid to Alaskan residents — estimated $800–$1,200 per person in early years, growing every year as the fund matures.
Year 30
2056
$277B fund — surpassing Norway per capita
Annual Gas Wealth Dividend of approximately $8,800 per Alaskan — on top of the oil-based PFD. Annual healthcare funding of $3.7B. Annual infrastructure funding of $3.3B. Annual education funding of $2.2B. Principal intact and growing. A legacy passed to every Alaskan yet to be born.
Built to Last

Safeguards against political misuse

Every sovereign wealth fund that has failed, failed because the principal was not protected. These safeguards make that impossible.

Constitutional Principal Lock
The fund’s principal is constitutionally protected — identical to the Alaska Permanent Fund. No emergency declaration, no budget crisis, no gubernatorial order can touch it. Any transfer requires a three-quarters vote of both legislative chambers plus public ratification by Alaskan voters.
No Commingling with General Fund
The Gas Wealth Fund is legally separate from the General Fund, the Permanent Fund, and every other state account. It cannot be merged with any other fund without a constitutional amendment ratified by voters. The Board of Trustees has standing to seek court injunctions against any unauthorized disbursement.
Conflict of Interest Firewalls
No trustee may hold ownership interests in any entity receiving fund investment capital. No trustee may simultaneously serve on the board of any Alaska LNG project entity. Full annual financial disclosure required, publicly posted. Three-year post-service cooling-off period before trustees can work for fund investees.
Five-Year Legislative Review
The Legislature conducts a mandatory comprehensive review every five years — investment performance, governance, and distribution allocations. Distribution percentages can only be adjusted within ±5% per category per cycle. Any reduction in the dividend allocation below 25% requires a three-quarters vote and a public referendum within 12 months.
This is Alaska’s gas. We can do better.

The Alaska Gas Wealth Fund turns a one-time resource into a permanent engine of prosperity — dividends, healthcare, infrastructure, and education, funded by our own gas, for every Alaskan who will ever live here. The legislative session ends in May 2026. Every week we wait is wealth we cannot recover.

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Alaska Gas Wealth Fund Initiative
A proposal for Alaska-first natural gas development  ·  March 2026  ·  Based on publicly available data and The Better Deal framework