The states participating in the Regional Greenhouse Gas Initiative (RGGI) have announced the results of the first quarterly auction of carbon dioxide (CO2) allowances for this year. The auction yielded approximately $87 million for investment in clean energy.
All of the 40.6 million CO2 allowances for the first three-year control period (2009-2011) offered in the auction sold at a price of $2.07 each.
In a parallel offering, the RGGI states also auctioned CO2 allowances for the second three-year control period (2012-2014). A total of 2,091,000 of the 2,137,992 CO2 allowances for the second control period sold at a price of $1.86. Unsold allowances may be sold in future auctions according to each state's regulations.
‘With each successful auction, the RGGI states continue to show that cap-and-trade works and can jump-start a green economy with fewer emissions, lower electric bills and create more jobs,’ says David Littell, commissioner of the Maine Department of Environmental Protection and chairman of RGGI's board of directors.
Proceeds from all auctions held to date now total more than $582.3 million. States are investing proceeds to accelerate the deployment of renewable energy technologies and improve energy efficiency.