NOT DEAD YET! RGGI REBOUNDS WITH $83M CAP & TRADE AUCTION

Posted on March 11, 2011

Despite recent woes, sales of carbon permits rose sharply at the March 9th auction of the Regional Greenhouse Gas Initiative, the nation’s only mandatory cap-and-trade program.

RGGI sold $83 million in permits, up 72 percent from the record low of last December’s $48 million auction.   Demand for the allowances doubled, but the price per permit was only $1.89 per ton - the lowest allowed by RGGI. 

To date, RGGI has collected $860 million by selling permits on behalf of 10 Northeast states to allow electric utilities to release 362 million tons of carbon dioxide into the atmosphere.   New Jersey’s share is $102 million.

The utilities are required to have a permit for each ton of CO-2 they emit.  The costs are ultimately passed along to consumers and businesses in the form of higher electric rates.

Previous New Jersey Watchdog stories on this subject include:

THE SECRETS TEN STATES & WALL STREET DON’T WANT YOU TO KNOW http://newjersey.watchdog.org/2010/07/28/cap-trade-scheme-is-clouded-in-secrecy/

NJ WATCHDOG SUES STATE OVER CARBON AUCTION “SECRETS” http://newjersey.watchdog.org/2010/09/06/1016/

CAP & TRADE SCHEME CHILLS AS GLOBAL WARMING AUCTIONS COOL http://newjersey.watchdog.org/2010/09/12/cap-and-trade-shivers-as-global-warming-auctions-chill/

NJ WATCHDOG SUES STATE OF $777 MILLION OF AUCTION SECRETS http://newjersey.watchdog.org/2011/01/09/1620/

DECEMBER CO-2 AUCTION SHOWS SURPLUS OF CAP & TRADE WOES http://newjersey.watchdog.org/2010/12/05/1505/

NEW YORK OFFICIALS RELEASE 2,000 RGGI EMAILS TO NJ WATCHDOG; NEW JERSEY STILL CLAIMS THE RECORDS ARE CONFIDENTIAL  http://newjersey.watchdog.org/2011/02/20/new-york-releases-2000-rggi-emails-new-jersey-still-claims-records-are-confidential/

Leave a Reply