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  • Maine earns over $3.6 million in 26th RGGI cap-n-trade auction

     

    To date Maine has generated $59,680,379.88 from RGGI.

     By Ramona du Houx

    Maine earned over $3.6 million from the Regional Greenhouse Gas Initiative (RGGI) 26th auction of carbon dioxide (CO2) allowances. RGGI is the nation’s first market-based regulatory program to reduce greenhouse gas pollution— essentially the East Coast’s successful cap-and-trade program. RGGI has become a model for the nation and shows positive results that the EPA's Clean Power Plan can use as evidence for their market-based regulatory program.

    “I think these RGGI efforts are good for the economy and the environment. One that truly works hand and hand,” said Former Governor John Baldacci, whose administration spearheaded the creation of RGGI with other regional states.

    To date Maine has generated $59,680,379.88 from RGGI. The nine states participating in the collation have earned $1.9 billion cumulatively from all RGGI CO2 allowance auctions.

    "Our RGGI experience demonstrates that cost-effective approaches to implementing EPA’s proposed Clean Power Plan are available and if correctly designed can support state economies,” said Rob Klee, Commissioner of the Connecticut Department of Energy and Environmental Protection and a Vice-Chair of the RGGI, Inc. Board of Directors. 

    After 26 successful auctions, the RGGI states have demonstrated that it is possible to cost effectively achieve pollution reduction goals while maintaining grid reliability and affordability for consumers,” said Kelly Speakes-Backman, Commissioner of the Maryland Public Service Commission and Chair of the RGGI, Inc. Board of Directors. “As our second control period draws to a close, the RGGI states continue to deliver cleaner air and economic benefits for our region. ”Cumulative proceeds from all RGGI CO2 allowance auctions currently total $1.9 billion dollars."

     The 26th auction generated more than $94 million for reinvestment by the RGGI states in a variety of consumer benefit initiatives, including energy efficiency, renewable energy, direct bill assistance, and greenhouse gas abatement programs.

    According to the independent market monitor’s report, electricity generators and their corporate affiliates have won 78 percent of CO2 allowances sold in RGGI auctions since 2008. RGGI requires a regulated power plant to hold CO2 allowances equal to its emissions to demonstrate compliance for each three-year control period. RGGI’s second control period began on January 1, 2012 and ends on December 31, 2014. Regulated power plants will be required to demonstrate compliance for the second control period on March 2, 2015.

    "The RGGI states have successfully pioneered the nation’s first market-based program to reduce carbon pollution, achieving a 40 percent reduction in power sector emissions since 2005 and revising the emissions cap to achieve a 50 percent reduction by 2020,” said Joe Martens, Commissioner of the New York State Department of Environmental Conservation and a Vice-Chair of the RGGI, Inc. Board of Directors. “Reinvestment of auction proceeds is stimulating a market transformation to greater energy efficiency and growth of clean energy, and that yields economic, social and environmental benefits."

    "Our RGGI experience demonstrates that cost-effective approaches to implementing EPA’s proposed Clean Power Plan are available and if correctly designed can support state economies,” said Rob Klee, Commissioner of the Connecticut Department of Energy and Environmental Protection and a Vice-Chair of the RGGI, Inc. Board of Directors.