Maine received $1,337,061.54 in proceeds from Regional Greenhouse Gas Initiative’s recent auction

To date Maine has made $31,153,340 in proceeds

BY RAMONA DU HOUX

June 8th, 2012 

Maine received $1,337,061.54 in proceeds from this week’s Regional Greenhouse Gas Initiative’s (RGGI) auction. To date Maine has made $31,153,340 in proceeds that have benefited various weatherization and energy efficiency programs in the state.

“When you look at the facts, the RGGI region retained more jobs and sustained higher economic growth than any other region of the country through the recent economic downturn—at the same time, power sector CO2 emissions have dropped to their lowest levels since the early 1980’s,” said Dan Esty, Commissioner of the Connecticut Department of Energy and Environmental Protection and Vice Chair of RGGI, Inc. “Creating jobs, spurring economic growth, and investing in a smarter energy future are hallmarks of the RGGI program.”

20,941,000 carbon dioxide (CO2) allowances were sold in RGGI’s 16th quarterly auction on Wednesday, announced the nine RGGI Northeastern and Mid-Atlantic States. The $40.4 million in funds generated by the auction will be reinvested by the RGGI States in energy efficiency, clean and renewable energy, direct bill assistance, and other consumer benefit programs across the region.

Bids for the CO2 allowances ranged from $1.93 to $6.14 per allowance, with a clearing price of $1.93, the minimum reserve price for the auction. Allowances sold represent 57 percent of the 36,426,008 allowances offered for sale by the nine states.

According to the independent market monitor’s report, electricity generators and their corporate affiliates have won 87 percent of CO2 allowances sold in RGGI auctions since 2008.

“Up and down the east coast, states are demonstrating that we can strengthen our economy and reduce emissions at the same time,” said Collin O’Mara, Secretary of the Delaware Department of Natural Resources and Environmental Control and Chair of RGGI, Inc. “By working closely with industry partners, critical energy investments are being made today that are enhancing our economic competitiveness, creating well-paying jobs, and laying a foundation for years of economic expansion.”

The RGGI states continue to analyze electricity generation and emissions trends as part of the comprehensive 2012 program review. CO2 emissions in the ten-state region were 33 percent below the annual pollution cap of 188 million short tons during the first control period.

The next RGGI auction is scheduled for September 5, 2012.