The Regional Greenhouse Gas Initiative (RGGI) sold 32 million emission allowances this week for $106.5 million ($3.38 per allowance). This auction follows the first that occurred in September. RGGI's executive office reported that demand for allowances exceeded supply by 3.5 times.
Under RGGI participating states (New York, New Jersey, New Hampshire, Massachusetts, Maryland, Maine, Connecticut, Delaware, Vermont and Rhode Island) will cap their emission at current levels through 2014. At that time total emissions will be cut by 10% through 2018.
A boston based research firm ENE, estimated that RGGI regional emissions levles are 16% below the prescribed 2009 cap due to high coal, oil and natural gas prices this summer.
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