RGGI Results In

The 10 Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative (RGGI) sold 27,293,000 carbon dioxide (CO2) allowances in the program's 14th quarterly auction, generating a total of $51.5 million in proceeds. The auction 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 percent of the 42,983,482 current control period allowances offered for sale by the 10 participating states.
 
The participating 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.
 
Thousands of businesses and families throughout the region are already benefiting from RGGI-funded programs designed to reduce energy bills and support local jobs. Overall, the first three years of the program will result in $1.6 billion in net economic benefit to the region, according to a recent report by the independent consulting firm, The Analysis Group. This translates into an economic benefit of $33 per person in the region, according to the report. In addition, reduced emissions from power plants yield health benefits and a cleaner environment for the residents of the region.
 
All of these benefits are achieved while the states continue to cap power sector CO2 emissions in the RGGI region. The first control period three-year emissions average (2009-2011) is expected to be the lowest of the decade.