RGGI to auction 15m permits on Sep. 9, report finds programme boosts economy

Published 03:58 on July 14, 2015  /  Last updated at 14:44 on September 11, 2015  /  Americas, US  /  No Comments

The states participating in the Regional Greenhouse Gas Initiative (RGGI) will offer 15,374,294 CO2 allowances for sale on Sep. 9, the market operator said.

The states participating in the Regional Greenhouse Gas Initiative (RGGI) will offer 15,374,294 CO2 allowances for sale on Sep. 9, the market operator said.

A further 10 million allowances will be sold if the price exceeds the $6 cost containment reserve trigger, said the RGGI, Inc. statement.

In the previous auction, the nine northeastern states sold all 15.5 million allowances on offer at $5.50 each.

So far, the RGGI states have raised $2.1 billion from 28 auctions.

Consultancy Analysis Group on Tuesday published a report finding that the RGGI states over 2012-2014 added $1.3 billion in economic value, leading to the creation 14,000 new jobs, and cut electricity and heating bills, saving consumers $460 million.

“We hope regulators across the country — along with policy makers, utilities, and other stakeholders — are able to draw useful lessons from this report, as they evaluate Clean Power Plan options in their individual states,” said Analysis Group’s Andrea Okie.

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