FAIRBANKS- The State of Alaska and TransCanada Corporation are finalizing their work on a failed natural gas project as they begin to explore a new plan. The original project, commonly referred to as the AGIA project, aimed to serve markets in the lower 48 with natural gas. The state will reimburse TransCanada about $330 million for their work on that project. During the last legislative session most lawmakers agreed to partner again with TransCanada for a new project that will serve Alaskans and overseas markets. State Senator Hollis French says, The TransCanada Corporation has situated itself into a very profitable position, one that will cost Alaskans because the Corporation has worse credit than the State of Alaska. French said "[TransCanada] will experience higher borrowing costs than the state would experience if we were just to do it on our own. Alaskan consumers will pay hundreds, in not thousands of dollars more to heat their homes because of TransCanada’s presence in this gas pipeline."