Port of Alaska Modernization Program
Port of Alaska Modernization Program Plan of Finance
The PAMP Plan of Finance is comprehensive document that outlines how the PAMP will be completed consistent with the Port’s general philosophy of using funds in a manner that will result in the lowest overall total cost.
The Plan is updated no less than annually to incorporate, among other things: actually incurred project and financing costs; revised future interest-rate projections; actual and projected shipping volumes; and the receipt of additional third-party grants.
The December 2, 2025 First Revised Edition of the Plan of Finance anticipated a 2026 Revenue Bond sale that would provide for two years of PAMP expenses; to provide a gentler PAMP Surcharge ramp up, the initially projected bond sale was divided into two. The resulting PAMP Surcharges, effective Jan. 1, 2027 are: $22.76/ton of cargo; $2.20/ton of cement; and $.043/barrel of petroleum. See AO 2026-57. Download Document - pdf
The Plan of Finance is now also actively being revised to reflect the receipt of a significant amount of third-party grant funds:
- In February 2026, it was announced that the Port will receive $1.75 million for the PAMP electric substation.
View Press Release - In June 2026, the State of Alaska finalized a capital budget that includes a $25 million grant for the PAMP, $10 million of which is contingent on the price of oil through December 31, 2026.
Download Document - pdf - On July 7, 2026, the LaFrance Administration announced a historic recovery of $191.3 million in the long-standing MOA v. MARAD lawsuit. The Port has not yet received the proceeds, but anticipates doing so no later that first quarter of 2027.
View Press Release
These funds will be used exclusively to offset PAMP costs, and will result in a significant reduction of previously projected surcharges through the life of the PAMP, as reflected in the before-and-after projected glidepaths, below:
April 2026 Calculation - Based on Feb 2026 Forecasted Expenditures:
Current Calculation - Based on updated June 2026 Forecasted Expenditures, 2026 Grant Funds, and MARAD Settlement:
It is anticipated that additional reductions will be realized as additional grant funding is secured in future years.
Port of Alaska’s Modernization Program is a dock replacement program that aims to replace aging docks and related infrastructure before it fails.
PAMP will:
- Replace aging docks and related infrastructure
- Improve operational safety and efficiency
- Accommodate modern shipping operations
- Improve resiliency – to survive extreme seismic events and Cook Inlet’s harsh marine environment