RGGI Auction 3 was held on March 18, 2009 and monitored by Potomac Economics, an independent monitor of electricity markets retained to evaluate the RGGI CO2 allowance market. Potomac observed the auction and confirmed that there was no material evidence of collusion or manipulation by bidders, and that the vast majority of bids were consistent with competitive expectations.
A total of 63 qualified bidders, listed in section 4 below, submitted an Intent to Bid in the auction.
Electric generators and their corporate affiliates (â€œcompliance entitiesâ€) purchased 78 percent of the current control period allowances sold in the auction and 93 percent of the future control period allowances sold in the auction.
The figure below shows the quantity of allowances purchased in the auction by each of three types of entities:
Compliance Entities: Includes all electric generators and their corporate affiliates.
Environmental/Individuals: Includes non-compliance entities describing themselves as â€œEnvironmental Groupsâ€ or â€œIndividual Personâ€ in their qualification application
Other Non-Compliance Entities: Includes all other non-compliance entities
Quantity of Allowances Awarded By Type of Entity
3. Dispersion of Bids
Bids were widely dispersed across both compliance entities and non-compliance entities in both the current and future control period offerings.
In the auction for vintage 2009 allowances, most of the bidders that submitted a large number of bids (e.g., at least 2 million tons which is 6 percent of the available supply) were compliance entities. Overall, compliance entities accounted for 84 percent of the quantity of bids submitted in the vintage 2009 auction.
In the auction for vintage 2012 allowances, most of the bidders that submitted a large number of bids (e.g., at least 100,000 tons which is 5 percent of the available supply) were compliance entities. Overall, compliance entities accounted for 75 percent of the quantity of bids submitted in the vintage 2012 auction.
The following figure summarizes the quantities of bids submitted in the two auctions by all bidders.
Quantity of Bids Submitted By Type of Entity and Quantity Bid
4. Qualified Bidders
The following 63 qualified bidders submitted their intent to bid in the auction.
Adirondack Council Inc.
Aeolus Fund II Master Fund, Ltd.
AES Eastern Energy, LP
ANP Funding I, LLC
Astoria Generating Company, LP
Barclays Bank PLC
BG Dighton Power, LLC
Boston Generating, LLC
Brick Power Holding, LLC
Brookfield Energy Marketing Inc.
Calpine Energy Services, LP
CE2 Carbon Capital, LLC
CE2 Environmental Markets, LP
CE2 Environmental Opportunities I, LP
Chambers Cogeneration, LP
Conectiv Energy Supply, Inc.
Conn. Municipal Electric Energy Coop.
Consolidated Edison Energy, Inc.
Constellation Energy Commodities Group
C-Quest Capital, LLC
DigiLog Global Environmental Master Fund
Dominion Energy Marketing, Inc.
DTE Carbon LLC
Dynegy Marketing and Trade
Element Markets, LLC
Evolution Markets, Inc.
FES Fund I LLC
FPL Energy Power Marketing, LLC
H.Q. Energy Services (US) Inc.
Hess Corporation (G)
Indeck-Olean Limited Partnership
Index Capital Group LLC
J. Aron & Company
JP Morgan Ventures Energy Corporation
J-Power USA Development Co., Ltd.
Lake Road Generating Company, L.P.
Logan Generating Company, LP
Louis Dreyfus Energy Services, LP
Macquarie Cook Power Inc.
Massachusetts Bay Transportation Auth.
Massachusetts Muni. Wholesale Elec. Co.
Mercuria Energy Trading
Merrill Lynch Commodities, Inc.
Milford Power Company, LLC
Millennium Power Partners, LP
Mirant Energy Trading, LLC
National Grid Gen. dba National Grid
New Athens Generating Company, LLC
NRG Power Marketing, LLC
Power Authority of the State of New York
PSEG Energy Resources & Trade, LLC
Public Service Company of New Hampshire
Rochester Gas and Electric Corporation
Saranac Power Partners
Selkirk Cogen Partners, LP
SUEZ Energy Marketing NA, Inc.
Tradax Energy, Inc.
TransCanada Power Marketing Ltd.
Universal Carbon, LLC
Allowance & Bid Statistics (by Auction)
Allowance and Bid Statistics
This chart includes data on participation in the current control period offering in each RGGI CO2 Allowance Auction.