Last week marked the 17th Auction in the Regional Greenhouse Gas Initiative (RGGI). The number of bidders who went through the process of qualifying to participate in the auction is the lowest it has been in the program’s history — 29, down from 35 from the last auction in June, and well below the high of 84 in the first auction involving all member states, held in December 2008.… More
Tag Archives: allowance
In RGGI News: Compliance is Up, Emissions are Down, Sales are Flat, and New Jersey and New Hampshire are Either In Or Out
There have been a number of news stories about the Regional Greenhouse Gas Initiative (RGGI) in the last few weeks. First, nearly all of the 211 power plants subject to the requirements of RGGI’s first compliance period met their compliance obligations for 2009-2011. Only five facilities failed to hold enough allowances in their compliance accounts to cover their emissions from this period — four plants from New York,… More
RGGI’s First Auction of the Second Compliance Period
The auction held last Wednesday, March 14th, by the Regional Greenhouse Gas Initiative (RGGI) was the fifteenth held so far — making it seem far from novel — but as we highlighted in January, this first auction of RGGI’s second compliance period could provide interesting insight into the future of the program.
According to the market monitor report, 21.5 million (62%) of the 34.8 million allowances offered for sale by the 9-state group sold at last week’s auction,… More
RGGI Makes Some Changes, But Not the Overall Cap. Yet.
The nine states still participating in the Regional Greenhouse Gas Initiative are getting ready for the first auction of RGGI’s second compliance period, scheduled for March 14th. In the auction notice released last week, they announced 4 changes to the program, and analysts are predicting there are far more significant changes to come — namely adjustments to the total emissions cap.
The first change: which we knew was coming;… More
Carbon Capture & Seriously Need a Price on Carbon Emissions
The Environmental Protection Agency proposed a rule yesterday that would exempt carbon dioxide injected into underground carbon capture & storage (CCS) wells from regulation as hazardous waste, so long as the CO2 is held in wells designated for that purpose under the Safe Drinking Water Act. In its press release announcing the program, EPA noted that the purpose of the regulation — as well as its prior rulemakings under the Clean Air Act to require emissions reporting by CCS facilities,… More
RGGI Auction #12: Demand Crashes, 70% of Current Allowances Go Unsold
Demand for allowances in the nation’s only cap-and-trade program for carbon dioxide emissions fell sharply last week. At the 12th Quarterly Auction of the Regional Greenhouse Gas Initiative (RGGI), held on June 8th, 70% of the current compliance period allowances went unsold. As the RGGI Market Monitor Report highlights, with only 25 bidders participating in the auction of the 2009-2011 compliance period allowances, only 30% of the 42 million allowances offered for sale by the 10-state group (including New Jersey) were actually purchased at the floor price of $1.89. … More
Forthcoming Changes to RGGI? Let’s Start with the Big Cap.
The cap in the nation’s first mandatory cap-and-trade system is probably set too high. As reported by ClimateWire this morning, it seems increasingly likely that participants in the Regional Greenhouse Gas Initiative (RGGI) will easily meet and beat RGGI’s ultimate goal, even without any changes or reductions actually caused by the program.
RGGI’s initial aim was to cut CO2 emissions from large power plants in the 10-state region to 10% below 2005 levels by 2018. … More
The Western Climate Initiative Moves Forward
Now that the Senate has put an end to speculation about a federal cap-and-trade program, the laboratory of the states and patchwork of regional regulation seem even more important. The Western Climate Initiative (WCI) will likely involve a little of both.
Yesterday, the WCI Partner Jurisdictions (seven US states and four Canadian provinces) unveiled their comprehensive strategy for a cap-and-trade program with the goal of reducing regional greenhouse gas emissions by 15% below 2005 levels before 2020.… More
Senate Climate Bill, Now Fortified with Numbers
The Chairman’s Mark of the Clean Energy Jobs and American Power Act (S. 1733), released late Friday night by Senate Environment & Public Works Committee Chair Barbara Boxer, fills in some of the details left out of the earlier-introduced Boxer-Kerry bill, notably identifying which sectors will get CO2 allowances allocated to them for free. The bill largely follows the lead of the House-passed ACES,… More
RGGI Prices Fall Again in 5th Auction: $2.19 and $1.87
The Regional Greenhouse Gas Initiative (RGGI) has released the clearing prices from its 5th quarterly auction of CO2 allowances, held on September 9, 2009. Prices for the 28.4 million 2009 vintage allowances sold fell sharply from the June auction’s clearing price of $3.23 to $2.19, and the 2.1 million 2012 vintage allowances sold for only $1.87, just one cent above the market floor of $1.86, and well below the $3.05 that they earned at the March 2009 auction,… More
RGGI’s 4th Auction: Allowance Prices Decrease for Both 2009 and 2012 Allowances
At the fourth auction of CO2 allowances under the Regional Greenhouse Gas Initiative (RGGI) on June 17, participation was certified as robust by market monitor Potomac Economics, but auction prices decreased. Last week’s clearing price for 2009 vintage CO2 allowances was $3.23 per allowance, only slightly above the clearing price of $3.07 at RGGI’s initial auction in September 2008, and below March’s clearing price of $3.51. The 2.1 million 2012 vintage allowances offered for sale in last week’s action sold for $2.06,… More