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RGGI Permit Price Remains Low, 43% Go Unsold

The Regional Greenhouse Gas Initiative released the results of their 10th auction of CO2 allowances, held Wednesday, December 1st. Once again, the results point to an over-supplied market most likely due to lower power demand.

The offering of current control period CO2 allowances (2009-2011) in the auction yielded a total of $46,044,300 from the sale of 24,755,000 allowances. Fifty-seven percent of allowances offered for sale were sold.

The auction clearing price was $1.86 per ton, the minimum reserve price for the auction, matched the lowest-ever price from September’s auction.

Only 57 percent of allowances sold. In September, 75 percent of allowances were sold.

Thirty-eight entities submitted winning bids, with bids ranging from $1.86 to $10.02. Electric generators and their corporate affiliates purchased 97 percent of the total number of current control period allowances sold.

The pollution trading program’s carbon dioxide limit, or cap, is currently 188 million tons a year. Power plants in the region released 124 million tons of carbon dioxide last year – the recession, the weather, improved energy efficiency and lower prices for natural gas, all curbed demand for electricity, Bloomberg reports.

States also offered a smaller number of CO2 allowances for a future control period (2012-2014). The offering of future control period allowances yielded a total of $2,179,920 from the sale of 1,172,000 allowances. Fifty-five percent of allowances offered for sale were sold. The auction clearing price was $1.86 per allowance. Four bidders submitted winning bids, with bids ranging from $1.86 to $2.01. Electric generators and their corporate affiliates purchased 100 percent of the total number of future control period allowances sold.

The next RGGI auction is scheduled for March 9, 2011. All parties are eligible to participate.

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