Regional Greenhouse Gas Initiative

an initiative of the Northeast and Mid-Atlantic States of the U.S.

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Auction 11

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RGGI Auction 11 was held on March 9, 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.

Below are key data and information on the results of the auction. Detailed analysis is available in the Market Monitor Report for Auction 11.

 

1. Auction Statistics:

Current Control Period (2009-2011) Offering

  • Quantity Offered: 41,995,813
  • Quantity Sold: 41,995,813
  • Clearing Price: $1.89
  • Number of Bidders: 36
  • Ratio of bids to Supply: 1.1
  • Percent Won by Electric Generators: 85%

Future Control Period (2012-2014) Offering

  • Quantity Offered: 2,144,710
  • Quantity Sold: 2,144,710
  • Clearing Price: $1.89
  • Number of Bidders: 7
  • Ratio of Bids to Supply: 1.4
  • Percent Won by Electric Generators: 56%

  

2. Auction Participation:

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 11, compliance entities and their affiliates purchased: 

  • 85 percent of the current control period allowances sold and
  • 56 percent of the future control period allowances sold.

In the first 11 RGGI auctions, compliance entities and their affiliates purchased:

  • 85 percent of the current control period allowances sold,
  • 91 percent of the future control period allowances sold, and
  • 85 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 11.

 

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 current control period 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 86 percent of the quantity of bids submitted in the current control period auction.

In the auction for future control period 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 70 percent of the quantity of bids submitted in the future control period 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

A10 % Dispersion of Bids

 

4. Qualified Bidders

The following 49 qualified bidders submitted their intent to bid in the auction.

  • AES Eastern Energy, LP
  • Aircraft Services Corporation
  • Algonquin Windsor Locks, LLC
  • ANP Funding I, LLC
  • Astoria Generating Company, LP
  • Brick Power Holding, LLC
  • Bridgeport Energy, LLC
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Calpine Energy Services, LP
  • Carbon Lighthouse Association
  • Cargill Power Markets, LLC
  • Castleton Power, LLC
  • ConocoPhillips Company
  • Chambers Cogeneration, LP
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • Delaware Municipal Electric Corp
  • Dominion Energy Marketing, Inc.
  • Dynegy Marketing and Trade, LLC
  • Empire Generating Co., LLC
  • Energy Echelon, LLC
  • EquiPower Resources
  • GenOn Energy Management, LLC
  • Green Mountain Power Corporation
  • Hess Corporation (G)
  • Indeck-Corinth Limited Partnership
  • Indeck-Olean Limited Partnership
  • Indeck-Oswego Limited Partnership
  • Indeck-YerksLimited Partnership
  • J-Power USA Development Co., Ltd.
  • Koch Supply & Trading
  • Logan Generating Company, LP
  • Massachusetts Muni. Wholesale Elec. Co.
  • Millennium Power Partners, LP
  • Morgan Stanley Capital Group, Inc.
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • North American Energy Alliance, LLC
  • NRG Power Marketing, LLC
  • Power Authority of the State of New York
  • PPL EnergyPlus, LLC
  • PSEG Energy Resources & Trade, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Selkirk Cogen Partners, LP
  • TAQA Gen X, LLC
  • Verso Paper Corp.
  • Vitol Inc.

 

 



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 Ratio of Bids To Supply with CCR Percent of Allowances Won by Compliance Entities
Auction 26 53 2.5 N/A 88%
Auction 25 47 2.5 N/A 80%
Auction 24 51 2.9 N/A 55%
Auction 23 52 3.1 2.5 45%
Auction 22 55 2.7 N/A 43%
Auction 21 52 2.0 N/A 53%
Auction 20 55 2.1 N/A 68%
Auction 19 43 2.2 N/A 69%
Auction 18 34 0.53 N/A 100%
Auction 17 29 0.65 N/A 100%
Auction 16 35 0.57 N/A 95%
Auction 15 34 0.62 N/A 99%
Auction 14 49 0.63 N/A 99%
Auction 13 41 0.18 N/A 94%
Auction 12 47 0.3 N/A 91%
Auction 11 49 1.1 N/A 85%
Auction 10 49 0.57 N/A 97%
Auction 9 56 0.75 N/A 92%
Auction 8 53 1.3 N/A 92%
Auction 7 61 2.3 N/A 85%
Auction 6 74 2.6 N/A 65%
Auction 5 59 2.5 N/A 77%
Auction 4 67 2.6 N/A 85%
Auction 3 63 2.5 N/A 78%
Auction 2 84 3.5 N/A 87%
Auction 1 82 4.1 N/A 82%

Allowances Offered & Sold (by Auction)

This chart displays the results of each RGGI CO2Allowance 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 26
12/3/2014
Current 18,198,685 18,198,685 $5.21 $94,815,148.85
Auction 25
9/3/2014
Current 17,998,687 17,998,687 $4.88 $87,833,592.56
Auction 24
6/4/2014
Current 18,062,384 18,062,384 $5.02 $90,673,167.68
Auction 23
3/5/2014
Current 18,491,350 (Intial)
5,000,000 (CCR)
23,491,350 $4.00 $93,965,400.00
Auction 22
12/4/2013
Current 38,329,378 38,329,378 $3.00 $114,988,134.00
Auction 21
9/4/2013
Current 38,409,043 38,409,043 $2.67 $102,552,144.81
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 24,343,412 22,338,727 $124,967,181.66
Delaware 9,952,619 12,949,207 $63,852,728.77
Maine 11,797,376 10,591,027 $59,680,379.88
Maryland 74,943,417 75,239,644 $401,915,502.10
Massachusetts  62,024,346 56,331,176 $316,488,293.21
New Hampshire 14,479,101 14,435,469 $76,335,390.34
New York 144,305,904 128,764,643 $728,232,766.75
Rhode Island 6,270,050 6,444,140 $35,727,553.64
Vermont 2,877,123 2,565,272 $14,501,596.43
Total for States Participating in Second RGGI Control Period 350,993,348 329,659,305 $1,821,701,392.78
New Jersey* 46,266,477 2,217,293 $113,344,551.27
Total 397,259,825 331,876,598 $1,935,045,944.05

 

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