The Regional Greenhouse Gas Initiative (RGGI) has announced that 20.941 million carbon dioxide (CO2) allowances were sold in its 16th quarterly auction, held this week.
The $40.4 million in funds generated by the auction will be reinvested by RGGI states in energy efficiency, clean and renewable energy, direct bill assistance and other consumer benefit programs across the region.
Bids for the CO2 allowances ranged from $1.93 to $6.14 per allowance, with a clearing price of $1.93, the minimum reserve price for the auction. Allowances sold represent 57% of the 36.426 million allowances offered for sale by the nine states participating in RGGI.
The next RGGI auction is scheduled for Sept. 5.