Lawmakers weigh Alaska gov's gas pipeline plan

Forty-seven lawmakers spent some time at the three-day presentations, talking to the administration as well as consultants flown in from New York, Washington and Seattle.

"I think the governor really did her homework on this one," said House Rules Chairman John Coghill, R-North Pole.

"I think some people thought it wouldn't be as weighty as it has been," he said. "I'm greatly encouraged, but there is still another side of the story we need to hear."

Starting Wednesday, lawmakers will hold seven straight days of testimony in Juneau, then hold hearings throughout the state, making stops in Fairbanks, Anchorage, Kenai, Barrow, and Ketchikan.

Several details are expected to be thoroughly dissected, including:

_ The state's promise of giving the winning bidder $500 million in seed money. Some lawmakers wonder if the state should be staking any company $500 million if the project truly has long-term economic viability.

_ Does TransCanada really have the financial wherewithal to move forward on a project estimated to cost between $26 billion and $30 billion?

_ Should the Legislature take a closer look at the joint proposal from BP and ConocoPhillips, which lacks the project detail found in TransCanada's offering?

Two years ago, former Gov. Frank Murkowski settled in principle with the two oil companies, plus Exxon Mobil Corp., on fiscal terms--taxes and royalties--for producing the North Slope gas.

The deal would have frozen oil taxes for 30 years and gas taxes for up to 45 years for the three major oil companies, but it did not guarantee a pipeline would get built.