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RGGI Auction 2 was held on December 17, 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 2.
1. Auction Statistics:
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Current Control Period (2009-2011) Offering
- Quantity Offered: 31,505,898
- Quantity Sold: 31,505,898
- Clearing Price: $3.38
- Number of Bidders: 84
- Ratio of bids to Supply: 2.5
- Percent Won by Electric Generators: 87%
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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
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2. Auction Participation:
A total of 84 qualified bidders, listed by name in section 4 below, submitted an Intent to Bid in the auction.
Electric generators and their corporate affiliates ("compliance entities") purchased 87 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
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 76 percent of the quantity of bids submitted in the 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 84 qualified bidders submitted their intent to bid in the auction:
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Adirondack Council Inc.
Aeolus Fund II Master Fund, Ltd.
AES Eastern Energy, LP
Aircraft Services Corporation
Allegheny Energy Supply Company, LLC
ANP Funding I, LLC
Astoria Energy
Astoria Generating Company, LP
Barclays Bank PLC
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
Clean Air Conservancy
Conectiv Energy Services, Inc.
Conn. Municipal Electric Energy Coop.
Consolidated Edison Energy, Inc.
Constellation Energy Commodities Group, Inc.
C-Quest Capital, LLC
DC Energy Marketing, LLC
Dominion Energy Marketing, Inc.
Dynegy Marketing and Trade
Eco-Energy
Element Markets, LLC
Energy America, LLC
Evolution Markets, Inc.
FirstLight Power Resources Mgmt, LLC
FPL Energy Power Marketing, Inc.
Global Inv. Alternatives Group, Ltd.
Green Mountain Power
Hess Corporation Green
Indeck Energy Services of Silver Springs, Inc.
Indeck-Corinth Limited Partnership
Indeck-Olean Limited Partnership
Indeck-Oswego Limited Partnership
Indeck-Yerkes Limited Partnership
Integrys Energy Services, Inc.
J. Aron & Company
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James S.Burrell II
Jamestown Board of Public Utilities
JP Morgan Ventures Energy Corporation
Laurence DeWitt
Logan Generating Company, LP
Louis Dreyfus Energy Services, LP
Massachusetts Muni. Wholesale Elec. Co.
Massachusetts Water Resources Authority
Maxim Power Corp.
Merrill Lynch Commodities, Inc.
Milford Power Company, LLC
Millennium Power Partners, LP
Mirant Energy Trading, LLC
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
Old Dominion Electric Cooperative
Power Authority of the State of New York
PPL EnergyPlus, Inc.
PSEG Energy Resources & Trade, LLC
Public Service Company of New Hampshire
RBC
RC Cape May Holdings, LLC
Rochester Gas and Electric Corporation
RPL Holdings, Inc.
Saranac Power Partners
Selkirk Cogen Partners, LP
Sempra Energy Trading, LLC
Seventh Generation Advisors
Shell Energy North America (US), LP
Statkraft Markets GmbH
Sterling Planet, Inc.
SUEZ Energy Marketing NA, Inc.
Tradax Energy, Inc.
TransCanada Power Marketing Ltd.
Universal Carbon, LLC
Village of Freeport
Vitol Inc.
William P Short III
Wing Fuel, LLC
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Allowance and Bid Statistics
This chart includes data on participation in the current control period offering in each RGGI CO2 Allowance Auction.
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 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 |
8,989,080 |
$71,568,682.11 |
| Delaware |
9,952,619 |
5,044,294 |
$33,737,756.69 |
| Maine |
11,797,376 |
4,587,641 |
$37,618,143.95 |
| Maryland |
74,943,417 |
32,159,528 |
$245,939,545.20 |
| Massachusetts |
62,024,346 |
23,889,724 |
$196,650,815.47 |
| New Hampshire |
14,479,101 |
6,457,352 |
$47,553,845.27 |
| New York |
142,786,651 |
54,715,803 |
$450,494,510.36 |
| Rhode Island |
6,244,404 |
2,381,661 |
$19,728,553.13 |
| Vermont |
2,877,123 |
1,097,873 |
$9,091,488.74 |
| Total for States Participating in Second RGGI Control Period |
348,058,094 |
139,322,956
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$1,112,383,340.92 |
| New Jersey* |
46,266,477 |
2,217,293 |
$113,344,551.27 |
| Total |
394,324,571 |
141,540,249
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$1,225,727,892.19 |
* See New Jersey’s Notice of Withdrawal of Agreement to the RGGI MOU.
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