The Regional Greenhouse Gas Initiative (RGGI) says its carbon dioxide (CO2) auction process has gone live, allowing bid preparation to begin.
The auction notice opens the process that potential bidders must follow to qualify for and participate in the first-in-the-nation CO2 allowance auction, which will be held Sept. 25. The auction will generate investment in energy efficiency and renewable energy in RGGI states and fund programs to help create green jobs and support consumers.
‘The auctions will spur innovation in the energy sector, and we anticipate strong interest from bidders,’ says Jonathan Schrag, RGGI's executive director. ‘The qualification process is extremely important, so I urge potential bidders to take advantage of the information and technical assistance being made available online.’
The 10 northeast and mid-Atlantic states pioneering the auction will offer up to 12.5 million CO2 allowances. The states have committed to cap and then reduce the amount of CO2 that power plants in their region are allowed to emit, limiting the region's total contribution to atmospheric greenhouse gas levels.
Under the RGGI process, after the participating states have stabilized power-sector carbon emissions at their capped level by 2014, the cap will be reduced each year from 2015 through 2018.
SOURCE: Regional Greenhouse Gas Initiative