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RGGI Auction Sells Out of CO2 Allowances

The more than 18 million carbon allowances offered sold out at the Regional Greenhouse Gas Initiative’s (RGGI) most recent auction at a clearing price of $5.02.

The auction generated $90.67 million for reinvestment by the nine Northeastern and Mid-Atlantic participating RGGI states in a variety of consumer benefit initiatives, including energy efficiency, renewable energy, direct bill assistance, and greenhouse gas abatement programs.

Cumulative proceeds from all RGGI CO2 allowance auctions currently total $1.75 billion dollars.

According to the independent market monitor’s report, electricity generators and their corporate affiliates have won 78 percent of CO2 allowances sold in RGGI auctions since 2008.

The RGGI was the nation’s first market-based regulatory program to reduce greenhouse gas pollution.

“The release of EPA’s proposed carbon pollution rules has prompted many states to evaluate how they can cost-effectively reduce power-sector carbon pollution in as simple and transparent a manner as possible,” said Kelly Speakes-Backman, commissioner of the Maryland Public Service Commission and chair of the RGGI Board of Directors. “With the RGGI states on pace to reduce our 2020 power-sector carbon emissions to levels about half that of 2005, the RGGI program has demonstrated a proven market-based model to do so.”

In March the RGGI released information for CO2 allowance allocation year 2015: the cap for the nine-state RGGI region will be 88.7 million short tons.

 

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