Maine makes $2,625,735 from Regional Greenhouse Gas Initiative’s 31st auction
Proceeds to date for the state are over $77 million
By Ramona du Houx
Maine brought in $2,625,735 from the Regional Greenhouse Gas Initiative (RGGI), 31st auction of carbon dioxide (CO2) allowances. RGGI is the nation’s first market-based regulatory program to reduce greenhouse gas (GHG) pollution.
The program, initiated in Maine by Governor John Baldacci, has brought in $77,301,179.35 to the state for weatherization and alternative energy projects, for businesses and homes.
“RGGI is working. It is helping Mainers reduce our energy bills and reduce emissions. It is a win-win and a model for the entire nation," said Former State Representative Seth Berry, who sat on Maine’s legislative committee that approved the final RGGI rules.
14,838,732 CO2 allowances were sold at the auction at a clearing price of $5.25. Bids for the CO2 allowances ranged from $2.10 to $10.46 per allowance.
Cumulative proceeds from all RGGI CO2 allowance auctions, for all nine states participating, exceed $2.4 billion dollars. The March 9th auction was the first auction of 2016, and generated $77.9 million for reinvestment in strategic programs, including energy efficiency, renewable energy, direct bill assistance, and GHG abatement programs.
“With the first auction of 2016, the RGGI states build on a seven-year track record of successfully working together to reduce harmful carbon pollution from the power sector,” said Katie Dykes, Deputy Commissioner at the Connecticut Department of Energy and Environmental Protection, and Chair of the RGGI, Inc. Board of Directors. “Our 2016 Program Review is moving ahead, and with input from stakeholders and experts we look forward to continuing to improve our trailblazing program.”