Greenhouse Gas Initiative Auction
Published October 21st, 2008
The Regional Greenhouse Gas Initiative (RGGI) is a cap-and-trade scheme covering the emissions from approximately 230 electricity generating units of 25 MW capacity or more in ten north-eastern US states.
On September 25, 2008 RGGI successfully completed its first auction of CO2 allowances in preparation for the start of the first compliance period in January 2009.
The auction raised $39 million, for state administrations to invest in carbon reduction programs, based on a clearing price of $3.07. RGGI is a crucial proof of concept for a federal cap-and-trade scheme.
