Only 75% or approximately 34.4 million of the vintage 2010 allowances offered for sale were sold during the 9th RGGI auction for the clearing price of $1.86. The vintage 2010 allowances closed yesterday at $1.90. By comparison, the last quarterly RGGI auction in June cleared at $1.88 for Vintage 2010.
Of the vintage 2013 allowances, only 61% or approximately 1.3 million were sold for the clearing price of $1.86. The total allowances offered were more than 2.1 million.
The vintage 2010 auction saw an increase in participation relative to the last auction with 45 bidders compared to 43 bidders in June. Yet, bids were submitted for only 0.75 times the available supply, compared to 1.3 times for the 8th RGGI auction in June. While the market is expected to be oversupplied by approximately 40-50 million allowances compared to actual emissions, this is the lowest clearing price that has been garnered so far.
As with the previous auction, non-compliance entities did not participate in the Vintage 2013 portion of the auction. The auction cleared right at the $1.86 reserve price, which continues to indicate minimal demand for the allowances.
|Auction 9 Stats
For a complete view of past RGGI Auction results, click the links below.
Results from 8th RGGI Auction
Results from 7th RGGI Auction
Results from 3rd RGGI Auction