RGGI Auction 14 was held on December 7, 2011 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 49 qualified bidders, listed by name in section 4 below, submitted an Intent to Bid in the auction.
The following statistics summarize the purchases and holdings of allowances by electric generators and their corporate affiliates ("compliance entities") under the RGGI program:
In Auction 14, compliance entities and their affiliates purchased:
99 percent of the current control period allowances sold; and
No future control period allowances.
In the first 14 RGGI auctions, compliance entities and their affiliates purchased:
86 percent of the current control period allowances sold;
92 percent of the future control period allowances sold; and
86 percent of all allowances sold.
Compliance entities and their affiliates will hold 97 percent of the allowances in circulation following the settlement of allowances sold in Auction 14.
3. Dispersion of Bids
In the offering of current control period allowances, bids were submitted by a large number of compliance entities and several non-compliance entities. A small number of allowances were also auctioned in advance for a future control period, although no bids were submitted in this offering.
In the auction for current control period allowances, just two compliance entities submitted bids for a large quantity of allowances (e.g., at least 1 million tons or 2.5 percent of the available supply). Overall, compliance entities accounted for 99 percent of the quantity of allowances for which bids were submitted in the offering of current control period allowances. The quantity of allowances for which bids were submitted increased to 0.63 times the available supply in Auction 14 from 0.18 times the available supply in Auction 13 and .3 times the available supply in Auction 12.
In the auction for future control period allowances, no bids were submitted. This remained stable from zero sold in Auction 13, and decreased from 0.57 times the available supply in Auction 12.
The following figure summarizes the quantities of bids submitted by all bidders.
Quantity of Bids Submitted By Type of Entity and Quantity Bid
4. Qualified Bidders
The following 49 qualified bidders submitted their intent to bid in the auction.
AES Eastern Energy, LP
AES Warrier Run Cogeneration Facility
Aircraft Services Corporation
Astoria Generating Company, LP
Brooklyn Navy Yard Cogen Partners, LP
Caithness Long Island, LLC
Calpine Energy Services, LP
Cargill Power Markets, LLC
Castleton Power, LLC
Chambers Cogeneration, LP
Consolidated Edison Comp. of NY, Inc.
Constellation Energy Commodities Group
Covanta Energy Corporation
CP Energy Marketing (US) Inc.
Dominion Energy Marketing, Inc.
Dynegy Marketing and Trade, LLC
Empire Generating Co., LLC
GenOn Energy Management, LLC
Green Mountain Power Corporation
H.Q. Energy Services (US) Inc.
Hawkeye Energy Greenport
Indeck-Corinth Limited Partnership
Jamestown Board of Public Utilities
J-Power USA Development Co., Ltd.
Kleen Energy Systems, LLC
Koch Supply & Trading, LP
Logan Generating Company, LP
Massachusetts Bay Transportation Authority
Massachusetts Muni. Wholesale Electric Co.
Massachusetts Water Resources Authority
Millennium Power Partners, LP
Morgan Stanley Capital Group, Inc.
National Grid Gen. dba National Grid
New Athens Generating Company, LLC
NextEra Energy Power Marketing, LLC
North American Energy Alliance, LLC
NRG Power Marketing, LLC
Old Dominion Electric Cooperative
Panda Brandywine, LP
Power Authority of the State of New York
Public Service Company of New Hampshire
Rochester Gas and Electric Corporation
Selkirk Cogen Partners, LP
Sunoco Power Generation, LLC
Verso Paper Corp.
Wallingford Energy, LLC
Allowance & Bid Statistics (by Auction)
This chart includes data on participation in the current control period offering in each RGGI CO2 Allowance Auction.