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The Regional Greenhouse Gas Initiative (RGGI) executed its third auction of carbon dioxide allowances this week, with the results announced today. RGGI is a 10-state alternative energy cap and trade program aimed at reducing greenhouse gasses through the auctioning of renewable energy credits and other vehicles.
The auction offered more than 31.5 million CO2 allowances attached to energy created in 2009 – called the allowance’s “vintage” – and 2.1 million for 2012 vintage. The 2009 vintage sold at a clearing price of $3.51 per allowance, and all the vehicles were sold. In the 2012 vintage, RGGI offered 5 percent of the total supply and sold the credits at $3.05 per allowance.
In total, the auction raised $117.3 million, and more than 50 bidders participated. The money will be reinvested in energy efficiency, renewable energy and other consumer benefit programs in the 10 RGGI states (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont).
Officials called the auction a success and said it is further evidence that a cap and trade program is “the right policy for the country and the right approach for addressing the most pressing environmental and economic issue(s)” according to a statement.
The next RGGI auction is scheduled for June 17.
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