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