The First RGGI Auction was Seen as a Success Just last week, the ten Regional Green House Gas Initiative (RGGI) states of the Northeast embarked on their first auction of carbon emission allowances. All were sold at a clearing price of $3.07 per allowance. The next round of auctions comes in December, which might be too far for in the future for bidders. Supplied allowances were far under the demand which was 51,761,000--four times the available allowances. Whether that is a sign of how far we have to go, or a sign that the system works is questionable. But the $38,575,783 that was brought in by the the auction will be used in Connecticut, Maine, Maryland, Massachusetts, Rhode Island and Vermont as these were the states that initially offered allowances. New York will be auctioning in December I believe. The six states that are getting funds will be investing in energy efficiency, renewable technologies, and programs to benefit energy consumers. Whether you are a big fan of trading, would prefer a flat tax, or just think that regulators should not have to offer a scheme to reduce toxic emissions, $39 million is a nice chunk of money to implement much needed energy efficiency, renewable energy and education efforts. New York's auction will hopefully be bringing similar initiatives to the Empire State. ...
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The First RGGI Auction was Seen as a Success Just last week, the ten Regional Green House Gas Initiative (RGGI) states of the Northeast embarked on their first auction of carbon emission allowances. All were sold at a clearing price of $3.07 per allowance. The next round of auctions comes in December, which might be too far for in the future for bidders. Supplied allowances were far under the demand which was 51,761,000--four times the available allowances. Whether that is a sign of how far we have to go, or a sign that the system works is questionable. But the $38,575,783 that was brought in by the the auction will be used in Connecticut, Maine, Maryland, Massachusetts, Rhode Island and Vermont as these were the states that initially offered allowances. New York will be auctioning in December I believe. The six states that are getting funds will be investing in energy efficiency, renewable technologies, and programs to benefit energy consumers. Whether you are a big fan of trading, would prefer a flat tax, or just think that regulators should not have to offer a scheme to reduce toxic emissions, $39 million is a nice chunk of money to implement much needed energy efficiency, renewable energy and education efforts. New York's auction will hopefully be bringing similar initiatives to the Empire State. ...