The North Dakota Senate Energy and Natural Resources Committee convened on March 28, 2025, to discuss key issues surrounding energy production, job creation, and investment strategies within the state. The meeting focused on the implications of data centers, the management of the North Dakota Legacy Fund, and potential amendments to investment strategies.

The session began with discussions on the impact of data centers on the state's electricity supply and job market. Representatives expressed concerns about the rapid development of these facilities and their potential to create high-paying jobs, although questions remained regarding the actual staffing levels and job types associated with them. Representative Novak highlighted the need to ensure that North Dakota's interests are protected as these developments unfold.

Following this, Jody Smith, interim executive director of the Retirement and Investment Office, provided testimony regarding the North Dakota Legacy Fund. Established in 2010, the fund allocates a portion of oil and gas tax revenues for the long-term benefit of North Dakotans. Smith reported that the fund currently holds approximately $12.1 billion and is projected to generate $601 million in earnings during the 2023-2025 biennium.

Smith also discussed the in-state investment program, which mandates that a portion of the Legacy Fund be invested back into North Dakota. Since its inception, over $450 million has been committed to more than 40 local companies. The committee reviewed a proposed amendment aimed at expanding the scope of investments to include infrastructure projects such as pipelines and transmission lines, while ensuring compliance with prudent investment rules.

The meeting concluded without any immediate resolutions but set the stage for further discussions on how to balance investment opportunities with the need for diversification and risk management. The committee plans to continue exploring these topics in future sessions, emphasizing the importance of strategic planning for North Dakota's energy and economic future.