Regional Greenhouse Gas Initiative Auction Generates Over $1 Billion for Clean Energy Investments
The Regional Greenhouse Gas Initiative (RGGI) recently concluded its 73rd auction, generating over $1 billion in revenue. This marks the first time the program has exceeded this financial milestone and is the first auction since Virginia officially rejoined on July 1 of this year. All 27,389,847 current vintage allowances and 1,148,000 cost containment reserve allowances were sold, with the auction settling at $37.65, the highest clearing price in RGGI's history. This price is $2.65 above the previous record set in June. The increased revenue will be invested by participating states into various programs aimed at expanding clean, affordable energy, improving energy efficiency, supporting community resiliency, and providing direct electric bill credits. Since its inception in 2009, RGGI has capped power sector emissions across 11 states in the Northeast and Mid-Atlantic, requiring power plants to purchase allowances for their emissions.