US northeast carbon auction raises $93 million
The Regional Greenhouse Gas Initiative (RGGI) generated over $93 million in revenue from their most recent carbon allowance auction.
The carbon auction saw allowances reach a price of $4 apiece, a record high for the northeastern market that is comprised of nine member states.
Over 18 million allowances were sold at the carbon auction.
An additional 5 million reserve allowances were sold, demonstrating the high demand in the RGGI market.
On the other side of the country, California has been reaping the benefits of another highly successful carbon auction.
California saw all 28.7 million allowances sell, generating revenues of over $329 million.
This year, California’s market will link with Quebec’s.
This news resulted in Quebec’s most successful auction to-date, where they sold the bulk of their offered allowances.