The 10 Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative (RGGI) have announced the sale of 27,293,000 carbon dioxide (CO2) allowances in the program's 14th quarterly auction, generating a total of $51.5 million in proceeds.
This was the final auction of the program's first three-year control period and brought cumulative auction proceeds to $952 million.
Bids for current control-period allowances (2009-2011) ranged from $1.89 to $5.00 per allowance, with a clearing price of $1.89 – the minimum reserve price for the auction. Allowances sold represented 63% of the 42,983,482 current control-period allowances offered for sale by the 10 participating states.
The states of Connecticut, Delaware, Maine, Massachusetts, Maryland, New Hampshire, New York, Rhode Island and Vermont also offered a smaller number of CO2 allowances for a future control period (2012-2014), none of which were sold.
The next RGGI auction – the first of the second control period – is scheduled for March 14, 2012.