RGGI Raises $117M In Carbon Credit Auction

The Regional Greenhouse Gas Initiative (RGGI) raised $117 million through auctioning off 33.7 million carbon credits, it announced today on its website.

The group sold both 2009 and 2012 credits. They sold 31.5 million 2009 credits at an average price of $3.51 per allowance, while the 2.2 million 2012 credits sold went for $3.05 apiece. Bid prices in the auction ranged between $1.86 and $10 for the 2009 credits, and $1.86 and $4.40 for the 2012 credits.

40 two separate entities were involved in the bidding. The large majority of the 2009 credits–78%–were purchased by compliance entities, which are power plants that produce over 25MW of energy, and burn fossil fuels. Over 20% were purchased by non-compliance groups, and the remainder, less than 2% was bought by environmental groups.

In the last two auctions held by RGGI, the price for credits was lower. In September it was $3.07, and in December it was $3.38.

The money raised in the auction will go towards energy efficiency, renewable energy and other consumer benefit projects, according to the release.

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