The Regional Greenhouse Gas Initiative (RGGI) announced today the results of the twenty-second quarterly auction of CO2 allowances under the regulatory program.

All of the allowances on offer, which include CO2 allowances from allocation year 2013 and earlier, were sold at the auction held on December 04, 2013. The clearing price was $3.00, above the the $2.67 clearing price for the last auction held in September, but still below the $3.21 clearing price of the June 2013 auction.

In February of this year, RGGI announced proposed changes for the next phase of the program, which included a shave in the supply of allowances of nearly 45%. As with the previous two auctions conducted since RGGI proposed changes to the program, all allowances on offer were sold. In fact, 49 entities submitted bids to purchase 2.7 times the available supply of allowances. This ratio of bids to supply is the highest since the second RGGI auction held December 2008. 43% of successful bidders in the September auction were compliance entities, this is the smallest percentage ever for a RGGI auction.

More details on the auction are in the table below:

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.