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Auction 1

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RGGI Auction 1 was held on September 25, 2008 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.

Below are key data and information on the results of the auction. Detailed analysis is available in the Market Monitor Report for Auction 1.

 

1. Auction Statistics:

Current Control Period (2009-2011) Offering

  • Quantity Offered:  12,565,387*
  • Quantity Sold: 12,565,387
  • Clearing Price:   $3.07
  • Number of Bidders:   82
  • Ratio of bids to Supply:  4.1
  • Percent Won by Electric Generators:  82%

Future Control Period (2012-2014) Offering

  • Quantity Offered: 0
  • Quantity Sold: 0
  • Clearing Price:  n/a
  • Number of Bidders: n/a
  • Ratio of Bids to Supply: n/a
  • Percent Won by Electric Generators: n/a

  *Note: Only six states (CT, ME, MD, MA, RI, VT) offered allowances for sale in Auction 1.

 

2. Auction Participation:

Electric generators and their corporate affiliates ("compliance entities") purchased 82 percent of the 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 "Environmental Groups" or "Individual Person" in their qualification application
  • Other Non-Compliance Entities:  Includes all other non-compliance entities

 

Quantity of Allowances Awarded By Type of Entity

A1 % Awarded by Entity

 

3. Dispersion of Bids

Bids were widely dispersed across compliance entities and non-compliance entities.

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 80 percent of the quantity of bids submitted in the auction.

The following figure summarizes the quantities of bids submitted by all bidders.

 

Quantity of Bids Submitted By Type of Entity and Quantity Bid

A1 % Dispersion of Bids

  

 

Allowance & Bid Statistics (by Auction)

This chart includes data on participation in the current control period offering in each RGGI CO2 Allowance Auction.

Auction Number of Potential Bidders Ratio of Bids to Supply Percent of Allowances Won by Compliance Entities
Auction 20 55 2.1 68%
Auction 19 43 2.2 69%
Auction 18 34 0.53 100%
Auction 17 29 0.65 100%
Auction 16 35 0.57 95%
Auction 15 34 0.62 99%
Auction 14 49 0.63 99%
Auction 13 41 0.18 94%
Auction 12 47 0.3 91%
Auction 11 49 1.1 85%
Auction 10 49 0.57 97%
Auction 9 56 0.75 92%
Auction 8 53 1.3 92%
Auction 7 61 2.3 85%
Auction 6 74 2.6 65%
Auction 5 59 2.5 77%
Auction 4 67 2.6 85%
Auction 3 63 2.5 78%
Auction 2 84 3.5 87%
Auction 1 82 4.1 82%

Allowances Offered & Sold (by Auction)

This chart displays the results of each RGGI CO2 Allowance Auction. To view a state-by-state breakdown for each auction, click on the auction number listed in the left-hand column.

Auction Number Offering Quantity Offered Quantity Sold Clearing Price Total Proceeds
Auction 20
6/5/2013		 Current 38,782,076 38,782,076 $3.21 $124,490,463.96
Auction 19
3/13/2013		 Current 37,835,405 37,835,405 $2.80 $105,939,134.00
Auction 18
12/5/2012		 Current 37,563,083 19,774,000 $1.93 $38,163,820.00
Auction 17
9/5/2012		 Current 37,949,558 24,589,000 $1.93 $47,456,770.00
Auction 16
6/6/2012		 Current 36,426,008 20,941,000 $1.93 $40,416,130.00
Auction 15
3/14/2012		 Current 34,843,858 21,559,000 $1.93 $41,608,870.00
Auction 14
12/07/2011		 Current 42,983,482 27,293,000 $1.89 $51,583,770.00
Future 1,864,951 0 --
Auction 13
09/07/2011		 Current 42,189,685 7,487,000 $1.89 $14,150,430.00
Future 1,864,951 0 --
Auction 12
06/08/2011		 Current 42,034,184 12,537,000 $1.89 $25,477,200.00
Future 1,864,952 943,000 $1.89
Auction 11
03/09/2011		 Current 41,995,813 41,995,813 $1.89 $83,425,588.47
Future 2,144,710 2,144,710 $1.89
Auction 10
12/01/2010		 Current 43,173,648 24,755,000 $1.86 $48,224,220.00
Future 2,137,991 1,172,000 $1.86
Auction 9
09/10/2010		 Current 45,595,968 34,407,000 $1.86 $66,437,340.00
Future 2,137,992 1,312,000 $1.86
Auction 8
6/09/2010		 Current 40,685,585 40,685,585 $1.88 $80,465,566.78
Future 2,137,993 2,137,993 $1.86
Auction 7
3/10/2010		 Current 40,612,408 40,612,408 $2.07 $87,956,944.56
Future 2,137,992 2,091,000 $1.86
Auction 6
12/2/2009		 Current 28,591,698 28,591,698 $2.05 $61,587,120.90
Future 2,172,540 1,599,000 $1.86
Auction 5
9/9/2009		 Current 28,408,945 28,408,945 $2.19 $66,278,239.35
Future 2,172,540 2,172,540 $1.87
Auction 4
6/17/2009		 Current 30,887,620 30,887,620 $3.23 $104,242,445.00
Future 2,172,540 2,172,540 $2.06
Auction 3
3/18/2009		 Current 31,513,765 31,513,765 $3.51 $117,248,629.80
Future 2,175,513 2,175,513 $3.05
Auction 2
12/17/2008		 Current 31,505,898 31,505,898 $3.38 $106,489,935.24
Auction 1*
9/25/2008		 Current 12,565,387 12,565,387 $3.07 $38,575,738.09

 

*Six states participated in Auction 1

Cumulative Allowances & Proceeds (by State)

This chart displays cumulative auction results organized by state. To view an auction-by-auction breakdown for each state, click on the state name listed in the left-hand column.

State Cumulative First Control Period Allowances Sold Cumulative Second Control Period Allowances Sold Cumulative Proceeds
Connecticut 22,953,057 11,617,869 $80,007,094.80
Delaware 9,952,619 6,489,601 $38,377,192.16
Maine 11,797,376 5,791,756 $41,483,353.10
Maryland 74,943,417 41,739,491 $276,691,226.43
Massachusetts 62,024,346 30,221,522 $216,975,887.05
New Hampshire 14,479,101 8,107,514 $52,850,865.29
New York 143,536,651 68,968,621 $498,653,556.14
Rhode Island 6,270,050 3,006,915 $21,817,942.13
Vermont 2,877,123 1,386,097 $10,016,687.78
Total for States Participating in Second RGGI Control Period 348,833,740
 177,329,386
 $1,236,873,804.88
New Jersey* 46,266,477 2,217,293 $113,344,551.27
Total 395,100,217
179,546,679
 $1,350,218,356.15

 

* See New Jersey’s Notice of Withdrawal of Agreement to the RGGI MOU.
Related Links

Learn more about States' Use of Auction Proceeds