Latest Regional Greenhouse Gas Initiative (RGGI) auction of emissions permits on March 18

From Bloomberg News:

The latest auction of carbon dioxide emission permits under the Regional Greenhouse Gas Initiative (RGGI) on March 18 raisied $117.2 million for the 10 U.S. Northeast states that participate (including New York). The states have set an annual carbon dioxide emission cap on the region’s power plants of 188.1 million tons for the years 2009 to 2014. The states agreed to use the proceeds to fund emission-reduction programs.The price of the permits rose to $3.51 a ton from $3.38 a ton in the prior auction on December 17. Speculation that the Obama administration will adopt a nationwide cap-and-trade program has kept prices above the minimum of $1.86 a ton set by the regional group.  Power plants in the RGGI states emitted 19 percent less carbon last year than they would have been allowed under the carbon cap imposed for this year.


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