S.Amdt. 897

SA 897. Ms. MURKOWSKI submitted an amendment intended to be proposed by her to the bill S. 14, to enhance the energy security of the United States, and for other purposes; which was ordered to lie on the table; as follows:

Section 133 is amended:

(1) on page 66, line 2 by inserting between “717(f)(e)” and the period at the end the following:

“and paragraph (3) of this subsection.”

(2) at subsection (b) by inserting the following new paragraph:

“(3) The Commission may issue a certificate of public convenience and necessity authorizing the construction and operation of an Alaska natural gas transportation project under this section or otherwise to an applicant only if an Alaska group has a meaningful economic stake in such applicant.

(3) by inserting at the end the following new subsection:

“(j) Definitions.--In this section, the following definitions apply:

(1) The term “Alaska group” means an entity in which one or more Regional Corporations (as defined in section 3(g) of the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et. seq.)) has a controlling interest and in which such Regional Corporations own, directly or indirectly, two-thirds of the equity interest. The remaining one-third of the equity interest in the Alaska group shall be held by an entity established by the State of Alaska that facilitates indirect broad-based economic participation by residents of the State of Alaska who elect to participate in such ownership. If the State of Alaska elects not to establish such an entity, or the entity established by the State of Alaska elects to purchase less than all of its allocated one-third equity interest, such remaining interest shall be offered to the Regional Corporations holding the controlling interest.

(2) the term “meaningful economic stake” means a direct or indirect equity interest of ten percent or more (or, at an Alaska group's election, less) with adequate protections for a minority interest holder.”