Carbon Auction
The Memorandum of Understanding commits states to invest 25% of revenue from carbon credits to energy efficiency and strategic energy schemes. This revenue is received by auctioning credits from the state budget to compliance entities. Since signing the MOU in 2005, all ten states have committed in their Model Rule to the sale of the vast majority of the state's carbon budget. This overcomes the problem of opportunity cost associated with the EU ETS, which led to windfall profits for generators.
RGGI sold carbon credits on Thursday September 25, 2008 in the first of a series of quarterly online auctions. 12,565,387 allowances were sold for $3.07 per ton of carbon dioxide, bringing in a total of $38,575,738.09. It was the largest carbon auction at the time. The second auction was held December 17, 2008. 31,505,898 allowances were sold for $3.38 per allowance. In the third auction, held on March 18, 2009, 31,513,765 (2009) allowances were sold for $3.51 per allowance, and 2,175,513 (2012) allowances were sold for $3.05 per allowance. The June 17 auction saw 30.8 million allowances sold for $3.23 per allowance, and 2.17 million 2012 allowances sold for $2.06.
Read more about this topic: Regional Greenhouse Gas Initiative
Famous quotes containing the word auction:
“The white American man makes the white American woman maybe not superfluous but just a little kind of decoration. Not really important to turning around the wheels of the state. Well the black American woman has never been able to feel that way. No black American man at any time in our history in the United States has been able to feel that he didn’t need that black woman right against him, shoulder to shoulder—in that cotton field, on the auction block, in the ghetto, wherever.”
—Maya Angelou (b. 1928)