The Regional Greenhouse Gas Initiative (RGGI) announced today the results of the twenty-seventh quarterly auction of CO2 allowances under the regulatory program.
All of the allowances on offer, which include CO2 allowances from allocation year 2015 and earlier, were sold at the auction held on March 11, 2015. The clearing price was $5.41, which topped the previous record price of $5.21 set in the December 2014 auction. However, the clearing price was not high enough to trigger the sale of allowances from the RGGI Cost Containment Reserve. The 2015 CCR Trigger price is $6.00 per ton.
The March auction offered more than 15 million allowances from participating RGGI states. Bidding interest was strong with bids exceeding supply by a ratio of 2.8:1 -- slightly higher than the last auction. For the first time since the 18th auction in December 2012, compliance entities purchased all the allowances on offer. More details on the auction are in the table below:
| Allowances on Offer | 15,272,670 |
| Allowances Sold | 15,272,670 |
| Bid/Supply Ratio | 2.8 |
| Bidders | 45 |
| Percent Compliance | 100% |
| Clearing Price | $5.41 |
For more information on RGGI allowance markets or to transact in the market, contact our U.S. Carbon and Emissions Markets desks at: +1 914.323.0265 or +1 914.323.0255.