By Ramona du Houx
June 11, 2020
Maine received $2.59 million dollars through the 48th auction of carbon dioxide (CO2) emission allowances traded on June 3, 2020.
The results of the auction were announced by the Regional Greenhouse Gas Initiative (RGGI), a cap and trade program that reduces CO2 emissions from power plants generating more than 25 megawatts. Ten New England and Mid-Atlantic states participate in the program.
Participating states limit, or “cap,” CO2 emissions from power plants in order to reduce air pollution. Companies then purchase allowances at auction that permit them to emit only so many millions of tons of CO2 gas from power plants generating more than 25 megawatts of electricity.
The auction, or “trade,” component of the program generates revenues for all ten participating states.
“RGGI continues to provide significant dividends to Maine people,” said Chairman Philip L. Bartlett, II. “The cap and trade program is a proven way to reduce CO2 emissions, and the auctions generate funds that we invest in energy efficiency for Maine residents through Efficiency Maine.” Revenues flowing to Maine since 2005 go into the Efficiency Maine Trust (EMT) where they are used to finance rate relief, energy efficiency and renewable energy projects.
RGGI has encouraged many in Maine to transfer and support alternative energy as a clean reliable energy source that curbs CO2 more than any cap-n-trade program. Together they are helping Maine build a healthy state for generations to come.
Maine has now received a total of $116.4 million. The ten participating states have reduced CO2 emissions from eligible power plants by over 50 percent since 2005.