Four hydroelectric dams, owned by the state of Alaska, will be sold to local governments. The proceeds from the sale will be used to create an endowment to subsidise power in rural areas.
Governor Tony Knowles unveiled the plan which aims to sell the dams, which are collectively known as the Four Dam Pool, to local governments in Kodiak, Valdez, Wrangell-Petersburg and Ketchikan where the facilities are located. The sale is expected to fetch US$73M which will be combined with other revenue to create a US$120M endowment under legislation introduced by Knowles.
The Four Dam Pool system was built in the 1980s when the state of Alaska was wealthy from oil. Communities within the Four Dam Pool have been trying to buy the hydro projects for a period of time.