CLICK HERE. / " title="THE NINTH REGIONAL GREENHOUSE GAS INITIATIVE auction yielded a total of $66 million from the sale of 34.4 million allowances. For a larger version of this image, CLICK HERE. /"/>NEW YORK – An auction of carbon emissions credits will deliver $961,335 to Rhode Island primarily for energy efficiency programs managed by National Grid.
The money comes from the Regional Greenhouse Gas Initiative’s ninth auction held last week. The electronic auction raised $66 million through the sale of credits in the initiative’s 10-state jurisdiction that includes all of New England as well as Delaware, Maryland, New Jersey and New York.
The price to emit one ton of carbon dioxide was $1.86 – 2 cents lower than the price paid during the June auction. The auction sold 34.4 million credits for use during 2009-2011 and 1.3 million for 2012-2014.
The overall proceeds fell $14 million and Rhode Island saw a $337,218 drop in its share. Massachusetts received $9.6 million, a $3.4 million drop compared with the June auction. Bay State officials, however, hailed the auction as a success.
“Expanded efficiency programs, funded in part by RGGI, will generate roughly $6 billion in consumer energy savings in Massachusetts over the next three years,” said Phil Giudice, commissioner of the Mass. Department of Energy Resources. “The same programs will also avoid more than 15 million tons of C02 pollution across our state.”
RGGI auctions began in September 2008 and so far have netted more than $729 million for the 10-state region. Participating states invest 60 percent of proceeds to improve energy efficiency, 10 percent to accelerate the deployment of renewable energy technologies and another 10 percent to provide direct consumer benefits, including energy bill payment assistance to low-income ratepayers.
Power sector CO2 emissions are capped at 188 million tons per year through 2014; between 2015 and 2018, the cap will be reduced by 2.5 percent annually for an overall reduction of 10 percent.
So far, Rhode Island has received $11.6 million through the nine auctions.
