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Green News: Carbon Credit Auction Nets $117 Million
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The ten northeastern states that comprise the Regional Greenhouse Gas Initiative (RGGI) raised more than $117 million in its third auction of carbon emission allowances for the 2009-2012 time period. More than 31.5 million allowances were sold (one allowance (credit) permits the holder to emit one ton of carbon annually). The clearing price equaled $3.51/credit. So far, the three auctions have yielded about $263 million.
The RGGI also sold more than 2 million credits for the period beginning in 2012 at a clearing price of $3.05/credit. There were 42 different entities that won 2009-2012 credits, and 12 bidders that won credits for the 2012 offering.
The economic stimulus bill recently enacted by Congress assumes that carbon credits will sell for $40-$50 apiece, and raise billions of dollars to offset taxpayers’ contributions to the economic recovery package. It appears that the price of carbon credits still has some ways to go.
Paul Ausick
March 23, 2009
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